Friday Jul 25, 2014 Search
Weather | Athens
32o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
IMF warns of fiscal gap, proposes slower reforms

 Report suggests a third bailout, only from the eurozone, will be needed

The International Monetary Fund expects Greece to show a fiscal gap between 32 and 67 billion euros after the end of the new funding program, in 2014, according to a report seen by Dow Jones Newswires, and proposes an alternative plan with a slower pace in reforms.

The IMF therefore expresses its worry that Athens may well require a third bailout package in a few years time as the first two simply would not suffice.

Prospects for a return to the markets are becoming ever less certain, the Funds report says.

European officials have estimated that after the completion of the new program for Greece, Athens would be able to return to the markets, at least with short-term bonds of high risk as the countrys record in the market will initially run counter to the issue of long-term bonds. That may actually entail a dependence on official creditors.

Given the particularly high exposure of the IMF in Europe, and particularly in Greece, the Fund assumes that any further assistance would need to come from eurozone coffers only.

However, the IMF considers the threat to the full and timely implementation of the reform program to be particularly high. It therefore offers an alternative plan according to which fiscal reforms would be put off by up to three years and reforms would be conducted at a slower pace than planned owing to market limitations and political obstacles.

According to this scenario, the debt-to-gross domestic product ratio would reach up to 171 percent in 2014 instead of 160 percent, and to 146 percent in 2020 instead of the 117 percent planned by the agreement between Athens and its creditors.

ekathimerini.com , Saturday March 24, 2012 (14:13)  
Lenders highlight Cypriot bad loans
More than 15 applicants for Cyprus Airways
Greeces PPC OKs 180-mln-euro investment for wind projects
Optimism sees stock index climb over 1,200 pts
University rectors voice concerns over further budget cuts
University authorities warned on Friday that their institutions would not be in a position to fulfill their role after the Education Ministry demanded that they make further cuts to their bu...
Aghan worker claims police intimidation after he demanded backpay
Two police officers have been suspended following a complaint by a 30-year-old Afghan national that he was brutalized after demanding that his employer in Anavryta, eastern Attica, pay him 2...
Inside News
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. I l...
SOCCER
Olympiakos downs AC Milan 3-0 in friendly
Greek champion Olympiakos defeated Italy's AC Milan 3-0 late on Thursday in a friendly match that launched the International Champions Cup in Canada and the US. The result, with goals from A...
Inside Sports
COMMENTARY
Forty years of shortsighted party policies
It is 40 years since the restoration of democracy, and the two main parties which were established in 1974 and determined the countrys fate since then are unable to act their age. For decad...
EDITORIAL
Putting the past behind us
Democracy was restored in Greece 40 years ago and the country owes a debt to Constantine Karamanlis for handling the transition and anchoring the country firmly in the safe port of Europe wi...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Lenders highlight Cypriot bad loans
2. More than 15 applicants for Cyprus Airways
3. Greeces PPC OKs 180-mln-euro investment for wind projects
4. Optimism sees stock index climb over 1,200 pts
5. University rectors voice concerns over further budget cuts
6. Aghan worker claims police intimidation after he demanded backpay
more news
Today
This Week
1. Greek coast guard picks up 77 migrants off Myconos
2. Draghi safety net becoming blindfold as bonds soar
3. Aegean Airlines resumes flights to Tel Aviv
4. Police report points to less crime in 2014
5. Thousands of dead fish surface in Lake Pamvotis
6. Godfather, 35, shot at Karditsa christening dies
Today
This Week
1. Greece seen in third bailout as bonds not enough, economists say
2. Climber dies in Mount Olympus fall
3. Greek sovereign debt at 174.1 percent of GDP in first quarter
4. Unequal after death
5. Greek banks able to tap investors after stress tests, HFSF Says
6. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.