The chief of the International Monetary Fund said the IMF had never granted a payment delay to an advanced economy.
SOUNDBITE: CHRISTINE LAGARDE, MANAGING DIRECTOR, INTERNATIONAL MONETARY FUND (ENGLISH) SPEAKING: "Payment delays have not been granted by the board of the IMF in the last 30 years." "My advice is to get on with the work, and the work needs to address both the short- and medium-term of the economy and the objective that we all pursue is to actually restore the stability of the Greek economy. But to do that, you know, it's not done by a political, last-minute accord. It's done by actually looking at measures, committing to reforms, measuring what the outcome will be. It's the tedious work of financial ministers wherever they are, and the lenders." "The emerging market economies are not doing as well as we had forecast initially and not as well as last year, slightly less, for obvious reasons. And it's not as if it's a cohesive group where everybody is going down. Some countries are clearly slowing down more than others." "Brazil, for instance, is flat, and forecast to be slightly negative this year. China is slowing down and foreseeably so, and I think it's a determined approach and policy determination. Russia is not doing well at all and is in negative territory for obvious reasons, oil sanctions and the like of it." "There are bright spots in the global economy as we see it and you will have heard that, you know we always say, the macroeconomic risks have declined." "The U.S. economy, for instance, is recovering quite strongly and we are seeing quite positive signs going forward. We are seeing that in Europe, the U.K. is clearly holding very strongly. The Euro area is also showing signs of recovery and much better than what we had seen lately. And Japan coming out of a slight recession is also forecast to be on the rise."