Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Virunga Park chief shot

Read more

MEDIAWATCH

Algerian election: Bouteflika votes in wheelchair

Read more

MEDIAWATCH

Algeria's media: a mixture of censorship and free speech

Read more

DEBATE

Algeria: What's the Choice? Incumbent Bouteflika Votes in Wheelchair

Read more

WEB NEWS

Nigerian web users call for end to violence

Read more

FOCUS

Bitcoin in the US: A monetary revolution?

Read more

ENCORE!

Fast cars and slow trains

Read more

WEB NEWS

Chile: online mobilization to help Valparaiso fire victims

Read more

FACE-OFF

François Hollande: France's most unpopular president

Read more

  • With a strong French presence, veterans and fresh faces, Cannes aims to please

    Read more

  • Russia and West agree on steps to ease Ukraine crisis

    Read more

  • Nobel-winning Colombian writer Gabriel Garcia Marquez dies at 87

    Read more

  • Low turnout in Algerian election tipped to return Bouteflika

    Read more

  • French troops free five aid workers kidnapped in Mali by Islamists

    Read more

  • In pictures: Iranian woman pardons son’s killer at the gallows

    Read more

  • After cup defeat, Spanish pundits read last rites for Barcelona

    Read more

  • Frantic search for survivors of sunken South Korea ferry

    Read more

  • India heads to polls in single largest day of voting

    Read more

  • Ukraine talks open in Geneva as Putin talks tough on TV

    Read more

  • Pro-Russian separatists killed in attack on Black Sea base

    Read more

  • Man executed in Texas for 2002 triple murder

    Read more

  • Scandal-hit French doctor Jacques Servier dies at 92

    Read more

  • Belgian head of wildlife reserve shot in DR Congo

    Read more

  • Crunch talks on Ukraine begin in Geneva

    Read more

  • Stagehand of God? Maradona's legendary goal inspires a play

    Read more

  • US rolls out red carpet for French critic of capitalism

    Read more

  • N. Korea not amused by London hair salon's Kim Jong-un ad

    Read more

  • Real Madrid beat old foes Barcelona to lift Copa del Rey

    Read more

  • France's new PM targets welfare in drive to cut spending

    Read more

  • Campaigning against Bouteflika's re-election... in France

    Read more

  • Brazil club Mineiro cancel Anelka signing after no-show

    Read more

  • Syria 'torture' photos silence UN Security Council members

    Read more

  • Paris laboratory loses deadly SARS virus samples

    Read more

  • More than 100 schoolgirls kidnapped in northeast Nigeria

    Read more

Business

IMF approves €3 billion loan payment to Greece

©

Video by Philip CROWTHER

Text by News Wires

Latest update : 2011-07-09

IMF executives approved the latest 3 billion euro instalment of Greece’s rescue package late on Friday, with new Managing Director, Christine Lagarde, saying progress was being made but more work needed to be done.

REUTERS - The International Monetary Fund's executive board on Friday approved a disbursement of about 3.2 billion euros to help Greece pay debts due this month.

In announcing the payment, part of a 110 billion euro IMF-European Union bailout package crafted for Greece last year, IMF Managing Director Christine Lagarde pointed to progress being made by debt-laden Greece, though noting that more work remains.
 
"The program is delivering important results: the fiscal deficit is being reduced, the economy is rebalancing, and competitiveness is gradually improving," Lagarde said in a statement.
 
"However, with many important structural reforms still to be implemented, significant policy challenges remain. A durable fiscal adjustment is needed, lest the deficit get entrenched at an unsustainably high level, and productivity-enhancing reforms should be accelerated, lest growth fail to recover," she said.
 
The IMF has warned that the crisis in Greece could reach countries like the United States through money market funds, especially if the contagion spreads to European banks heavily exposed to Greek debt.
 
The global lender scheduled its meeting to consider the fifth loan disbursement for Greece after euro zone leaders agreed on Saturday to release their portion of the 12 billion euros due to be paid to Athens from the initial bailout.
 
Lagarde said Greek authorities had made progress in the fiscal area by identifying measures required to reduce the general government deficit to less than 3 percent of gross domestic product by 2014.
 
She also lauded the government's privatization strategy and noted that while the plan to sell 50 billion euros of state assets by 2015 is "very ambitious, the establishment of an independent privatization agency should help realize transparent and timely implementation."
 
Still, more work needs to be done, Lagarde said.
 
"To strengthen Greece's competitiveness, structural reform implementation needs to be accelerated. This will help achieve synergies, such as between privatization and reducing administrative barriers to investment. The reform agenda should be expanded to address Greece's high labor tax wedge and inefficient judicial system," Lagarde added.
 
 

 

Date created : 2011-07-09

  • GREECE

    Greek minister slams ratings agencies' role in crisis

    Read more

  • GERMANY

    German court hears case against bailouts

    Read more

  • GREECE

    Eurozone agrees to further €12 billion for Greece

    Read more

Comments

COMMENT(S)