Friday December 19, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
IMF approves aid, urges more reforms

The International Monetary Fund on Thursday approved 28 billion euros in funding for Greece over the next four years and IMF chief Christine Lagarde lauded Athens’s reform efforts, but Fund officials highlighted the need for further fiscal adjustment and the implementation of tough reforms to ensure the country’s recovery program remains on track.

The IMF said it would immediately disburse 1.65 billion euros as part of the deal aimed at keeping Greece financed until 2014.

In a written statement issued after the announcement of the decision, Lagarde praised the government but said further reforms and fiscal adjustment were needed. “Greece has made tremendous efforts to implement wide-ranging painful measures over the past two years,” she said.

“Greece’s priority is to undertake competitiveness-enhancing structural reforms,” she said, adding however that “significant further fiscal adjustment is necessary to put debt on a sustainable downward trajectory.”

In a conference call from Washington, an IMF official said Greece’s debt to GDP ratio was projected to drop from 165 percent at the end of 2011 to 116.5 percent by 2020.

The IMF’s mission chief to Greece, Poul Thomsen, emphasized the importance of Greece implementing labor market reforms -- moving away from collective labor contracts -- in order to become more competitive.

“Greece still faces a major competitiveness gap; if it doesn’t close this gap, it will continue to see a reduction in wages,” Thomsen said.

Thomsen said he hoped for an increase in tax collection but did not see any scope for further tax hikes. His deputy, Mark Flanagan, answering a question put to him by Kathimerini English Edition, said there were “problems at every step of the process.”

“It takes about 10 or 12 years to enforce tax collection, which is an eternity,” he said. He said the government had promised not to offer amnesties and they expected it to honor this.

ekathimerini.com , Thursday March 15, 2012 (22:05)  
Independent Greeks MP Haikalis claims attempted bribery for presidential vote
Greek PM Samaras confronts peril putting his Greek transformation to vote
Stores wrecked in protests to be let off municipal fees
SYRIZA rules out political consensus before polls
Importers told to pay up in advance
In the last 10 days foreign suppliers have again started asking for the full cost of commodities exported to Greece to be paid in advance by their local representatives, in a picture reminis...
Jobless rate posts steady decline
Unemployment fell to 25.5 percent in the third quarter of the year, against 26.6 percent in the second quarter of 2014 and 27.2 percent in the third quarter of 2013, according to seasonally ...
Inside Business
SOCCER
PAOK loss at Giannina brings Olympiakos to within a point
The bad losses that PAOK and Panathinaikos suffered on the road on Thursday allowed Olympiakos to gain significant ground on the table and come to within one point from the top after the mid...
BASKETBALL
Reds lose in Turkey to motivated Galatasaray
Olympiakos went down at Galatasaray 79-74 on Thursday for its second defeat in the first round of the Euroleague that ended with the Reds topping their pool with eight wins in 10 games. With...
Inside Sports
COMMENTARY
New weapons of diplomacy
Hollywood screenwriters couldn’t make it up: That Sony, one of the world’s biggest film producers, would be forced to pull a comedy about the assassination of North Korea’s dictator after a ...
EDITORIAL
Oblivious to change
The world around us is undergoing many important changes while we sit around stewing in our own juices. US President Barack Obama is actually talking with Cuba’s Raul Castro, for example, bu...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Independent Greeks MP Haikalis claims attempted bribery for presidential vote
2. Greek PM Samaras confronts peril putting his Greek transformation to vote
3. PAOK loss at Giannina brings Olympiakos to within a point
4. Reds lose in Turkey to motivated Galatasaray
5. Importers told to pay up in advance
6. Jobless rate posts steady decline
more news
Today
This Week
1. Greek PM Samaras confronts peril putting his Greek transformation to vote
2. Independent Greeks MP Haikalis claims attempted bribery for presidential vote
3. Europe's drama in Greece needs final act to avoid tragedy
4. Election looms as Samaras fails to win vote for president
5. What SYRIZA says about Greece’s economy, its debt and the euro
6. Kammenos maintains firm position, says general election is 'one-way street'
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. Gap between SYRIZA and New Democracy closing, says poll
6. High stakes
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.