Lagarde Says Late Night Talks On Greece Were Constructive, And Open 'window Of Time' For Deal

A "constructive" late night meeting in Brussels Wednesday between Greek Prime Minister Alexis Tsipras and senior European Union officials has opened a "window of time" to negotiate a bailout package, IMF Managing Director Christine Lagarde said Thursday. "It clearly opens a window of time during which we can hear in details from the [Greek] authorities their views" on the joint proposal put forward by Greece's creditors, the European Commission, the European Central Bank and the IMF. Lagarde said the new proposal is flexible relative to prior programs and seeks to soften the consequences of necessary measures needed to allow Greece to return to stability. There is flexibility on the labor market, the pace of fiscal consolidation and the timeframe of consolidation and is intended to ease the adjustment, she said. "We look forward to the position of the Greek authorities" on the joint proposal, Lagarde said, and the IMF stands ready to do the technical work needed to look at alternative ways to reach the targets set out by the proposal.