Tuesday March 31, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
IMF board member criticizes Fund's Greece program

The International Monetary Fund said Tuesday that Greece has made "significant progress" in repairing its economy, but warned it risked falling behind in reforms needed to make its massive national debt sustainable.

In a report, the IMF said Greek debt is expected to remain high "well into the next decade," peaking this year at an expected 174 percent of gross domestic product.

It urged the government to increase efforts to liberalize markets, combat tax evasion and speed up public administration reforms. It also said it should help its exporters become more competitive and the banks deal with "a mountain of bad loans."

"Theres still a bit to go, but I would say that Greece is close to the goal line," on improving its public finances, Poul Thomsen, head of the IMF’s mission in Greece, said in a conference call with reporters.

The IMF report noted the country was falling behind in required labor market reforms, and said additional savings measures were needed to plug a public financing gap in 2015-16. Greece has pledged to extend austerity taxes that had been imposed temporarily, as a means of bridging the gap.

Thomsen said it was too early to say whether Greece would require additional money beyond the 240 billion euros ($325 billion) already granted in bailout loans.

"Yes, at this stage we do see a funding need. But it is quite possible that there are sources for closing it that would mean that there might not be the need for (eurozone) member states to approve new money," he said. "It’s too early to say."

The IMF, Thomsen said, backed government pledges not to impose new cross-the-board pay cuts and to begin easing taxes.

Greece has depended on rescue loans from the IMF and other eurozone countries since mid-2010, when a financial crisis left it unable to borrow on international markets.

In return, successive governments have had to impose a series of deeply unpopular reforms, including spending cuts, salary and pension reductions and waves of tax hikes, which have spurred a dramatic rise in poverty and unemployment.

New ministers in the conservative-led government were sworn in Tuesday following a cabinet reshuffle ordered after Greeces anti-bailout left-wing opposition won European parliament elections last month. Gikas Hardouvelis, a 59-year-old economics professor and former banking executive, was appointed as the new finance minister. [AP]

ekathimerini.com , Tuesday June 10, 2014 (18:23)  
Russian firms to bid for Greek oil and gas drilling tender, says energy minister
How Grexit bill could dig deep into ECB pockets
Greek retail sales dip in January for third month in a row
Greek jobless rate inches up to 26 pct in December
Government to propose committee to examine Greece´s memorandums
The SYRIZA-led government is expected to submit a proposal for a parliamentary committee to examine the handling of the Greek debt crisis by previous administrations. The proposal, which may...
Senior member of Merkel´s bloc resigns over Greek bailout
A senior member of German Chancellor Angela Merkel's conservative bloc announced Tuesday he was stepping down in a dispute over the government's response to Greece's debt woes. Peter Gauweil...
Inside News
SOCCER
Cyprus soccer eyes reunion after 60-year divorce
Turkish Cypriot soccer officials on Monday vowed to press ahead with attempts to reunite with the Cyprus Football Association, (CFA), triggering a political storm on the ethnically-split isl...
SOCCER
Three Greek internationals injured in Budapest car crash
Three Greek international soccer players were slightly injured on Monday in a car crash as they travelled by taxi to Budapest airport following Greece's Euro 2016 qualifying goalless draw ag...
Inside Sports
COMMENTARY
Amateur antics or overstepping the mark?
There are 149 plus two reasons why those who have been watching SYRIZA’s progress since its start cannot and never will be able to stomach the leftist party’s coalition with Independent Gree...
EDITORIAL
A pointless debate
Monday’s parliamentary debate between the country’s political leaders left a lot to be desired. There was no information whatsoever about the coalition government’s proposed reforms or the p...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Russian firms to bid for Greek oil and gas drilling tender, says energy minister
2. Government to propose committee to examine Greece´s memorandums
3. Senior member of Merkel´s bloc resigns over Greek bailout
4. How Grexit bill could dig deep into ECB pockets
5. Greece, EU/IMF lenders end round of technical talks without deal
6. Hospital doctors give deadline for new hires, back pay
more news
Today
This Week
1. Amateur antics or overstepping the mark?
2. A pointless debate
3. Parliamentary speaker prompts ND walkout, anger from PASOK, Potami
4. Greek government proposes measures worth 3.7 bln
5. Investment guru Mark Mobius rules out Grexit, advises sell-offs
6. Shops to open Sunday ahead of Easter holidays
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. Moscow expects progress from Tsipras visit
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Greece optimistic on deal with euro area next week
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.