ECONOMY

Task Force sees Athens determined to recover

The head of the European Commission?s Task Force to Greece, Horst Reichenbach, told a conference in Brussels on Monday that Greece has made considerable progress in streamlining its finances and that the Greek government ?is focused on reforms, has clear priorities and its determination to proceed from words to acts is making me optimistic.?

Addressing a one-day event at the Center for European Policy Studies (CEPS), the German official admitted that ?the economic situation in Greece is very bad,? but expressed his view that significant steps have been taken in the right direction.

International Monetary Fund data showed on Monday that Greece is set to achieve the greatest fiscal adjustment not only within the eurozone but also among emerging countries from 2009 to 2013: In this period Greece will have reduced its structural deficit by 17.5 percent of gross domestic product, with Iceland a distant second, with a 5.7 percent of GDP adjustment.