Thursday October 23, 2014 Search
Weather | Athens
22o C
16o 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)  
TBEX brings together 800 travel bloggers in Athens
Athens weighs its LNG and CNG options
Greece ranks among global leaders in tourism growth
Global oil price drop sends local fuel prices back to 2010 levels
Strong winds hamper sea travel
Winds reching 7 and 8 Beaufort led to disruptions in Saronic Gulf sea travel services from and to Piraeus, the Greek coast guard said on Thursday morning. Services were also disrupted on the...
Cyprus seeks EU response over Turkey´s EEZ violation
Cyprus is to raise the issue of Turkey’s violation of its exclusive economic zone (EEZ) at Thursday’s European Council meeting after Turkish Prime Minister Ahmet Davutoglu raised the specter...
Inside News
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
COMMENTARY
Defusing a crisis
The crisis in Cyprus is escalating rapidly and defusing it is an extremely delicate and complicated procedure that will inevitably lead to losses for the weakest of the two sides. The course...
EDITORIAL
PM needs to step up
The public perception of the government is anything but good right now. The coalition is projecting an image of discord and constant disputes show that key ministers are unable to stay on th...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Strong winds hamper sea travel
2. TBEX brings together 800 travel bloggers in Athens
3. Roberto´s heroics make Kasami´s goal count
4. Athens weighs its LNG and CNG options
5. Greece ranks among global leaders in tourism growth
6. Global oil price drop sends local fuel prices back to 2010 levels
more news
Today
This Week
1. TBEX brings together 800 travel bloggers in Athens
2. Strong winds hamper sea travel
3. At least 11 banks to fail European stress tests, three in Greece, report says
4. Cyprus to block Turkey's EU talks after EEZ violation
5. EU’s Juncker wins Commission-team approval with investment vow
6. Juncker’s EU commission team set for parliamentary green light
Today
This Week
1. Coalition shooting itself in the foot
2. Istanbul skyscraper casts shadow over Greece's banking ambitions
3. Greece’s closed society is central to its current malaise
4. The past, present and future of the Greek debt crisis
5. Greece must stick to reforms, says Schaeuble
6. At least 11 banks to fail European stress tests, three in Greece, report says
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.