BUSINESS

IMF insists on Greek pension cuts for 'clear signal' to investors

TAGS: Economy

The International Monetary Fund (IMF) stuck to its guns concerning Greece's planned pension cuts on Thursday, saying that they should be implemented to “improve the country's long-term prospects” and send a “clear signal” to investors that the government remains committed to agreed reforms.

Speaking at a regular press conference, IMF spokesperson Gerry Rice reiterated that the pension cuts have been agreed on since 2017, adding that the Greek government needs to readjust its fidcal policy to make it more growth-friendly and socially just.

In the first post-bailout talks held between the Greek government and its creditors last week, the two sided did not reach an agreement on whether to freeze the measure which will apply as of January 2019.

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