Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Netanyahu deletes tweet featuring photo of James Foley

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014

Read more

FRANCE IN FOCUS

FRANCE IN FOCUS

Read more

FOCUS

Lifting the veil over China's air pollution

Read more

ENCORE!

Tango Takeover in Paris

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

  • Europe launches navigation satellites to rival GPS

    Read more

  • Besieged by problems, Hollande faces unhappy return from summer holidays

    Read more

  • Iraqi Sunnis quit govt talks after mosque massacre

    Read more

  • US demands Russia withdraw aid convoy from Ukraine

    Read more

  • Rights group sues US government over ‘deportation mill’

    Read more

  • Colombian army and FARC rebels begin work on ceasefire

    Read more

  • US National Guard starts to pull out of embattled Missouri town

    Read more

  • PSG fall flat once more against Evian

    Read more

  • Fed Chair says US job market still hampered by Great Recession

    Read more

  • August 22, 1914: The bloodiest day in French military history

    Read more

  • Central African Republic announces coalition cabinet

    Read more

  • Hamas publicly executes "informers"

    Read more

  • French firebrand leftist to quit party presidency, but not politics

    Read more

  • Fear of Ebola sky-high among Air France workers

    Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Malaysia mourns as remains of MH17 victims arrive home

    Read more

  • Turkish Foreign Minister Davutoglu set to be Erdogan's new PM

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

Business

IMF, EU warn of risks despite Greek progress to tackle debt

Text by News Wires

Latest update : 2010-08-05

Greece still faces "key challenges" in fighting its public finance crisis, despite making "considerable progress" across a wide front, EU and IMF auditors said on Thursday.

AP - Greece has made considerable progress implementing an austerity program to tackle its debt crisis and is expected to receive the second installment of rescue loans next month, the IMF and EU said Thursday.  They warned, however, that the country still faces significant risks and challenges.

Greece came to the brink of defaulting on its mountain of debt in May, and was saved by the first installment of 110 billion euros ($145 billion), three-year package of rescue loans set up by the International Monetary Fund and by other EU countries using the euro currency.

In return, it has been pursuing a strict austerity program which has seen it cut civil service pay, trim pensions and increase taxes. The government’s progress has been under quarterly review by the IMF, ECB and EC.

“Our overall assessment is that the program has made a strong start,” said a joint statement released by the IMF, European Central Bank and European Commission.

All end of June targets had been met, they said, “led by a vigorous implementation of the fiscal program, and important reforms are ahead of schedule. However, important challenges and risks remain.”

Athens hopes to receive the second installment of loans  - 9 billion euros ($11.8 billion) - by Sept. 13.

IMF official Poul Thomsen said that although approval by IMF, ECB and Commission headquarters was needed to release the funds, Greece was likely to receive the next installment.

“I’m definitely confident that we are going forward with this disbursement,” he said during a joint news conference.

Athens received the first loan installment, worth 20 billion euros, in May.

“The program is indeed off to a very strong start but as expected there are pressure points,” Thomsen said, adding that there was “clearly a need to control extra budgetary expenses,” including in state hospitals and at the municipal level.

Servaas Deroose, a representative for the European Commission, said major reforms, particularly in the pension system, were ahead of schedule.

“The program has made remarkable progress,” he said, but added that there was “a need to consolidate the progress of the first half.”

Date created : 2010-08-05

  • GREECE

    Truckers put an end to six-day strike

    Read more

  • GREECE

    Athens raises 2.53 billion dollars at debt auction

    Read more

  • GREECE

    Unpopular pension reform approved amid strikes and protests

    Read more

COMMENT(S)