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Latest update: 19/09/2011
- debt - European Union - financial crisis - Greece - IMF
IMF warns Greece that more action is needed on debt
The IMF told Greece on Monday that "additional measures" were required to reduce its budget deficit ahead of an urgent consultation with the EU and the country's finance minister, Evangelos Venizelos (pictured), on more rescue funds.
AFP - Greece will have to do more to cut its budget deficit, the International Monetary Fund warned on Monday as the IMF and EU headed for a crisis teleconference with the Greek finance minister.
"Additional measures will be needed in order to reduce the budget deficit," the IMF representative to Greece Bob Traa said at a symposium in this seaside resort near Athens in the presence of the Greek Finance Minister Evangelos Venizelos.
Speaking at a conference between the IMF and Greek business leaders organised by The Economist magazine, he said that Greece should launch urgent reforms of its tax administration and warned the government against constantly raising taxes.
His remarks came shortly before a teleconference between the minister and auditors from the eurozone and IMF who have yet to decide whether Greece has repaired broken promises enough to warrant the release of rescue funds urgently to avoid bankruptcy early next month.
The teleconference is to be held at 1200 GMT, and Venizelos said on Sunday that it would be followed by a ministerial meeting to decide on new concrete budget measures.
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Comments (2)
can I borrow a billion ?
Ok so maybe only 10 billion, from what I understand it is cheaper to borrow more then you can afford, and then to repay less then you have, so that when it all fails no one knows what is owed.....Sounds like a great way to run a country or a bank to me !!!!!!!!!!!!
cheaper by the dozen
The whole world economy is based on fare share trading and the ability to move the product and or technology across boundaries, whether they land sea or air. The value of those products are diminished by the cost of production to transport and or make these products. The value assigned by the investment firms and or investment traders can be devalued to fit their needs or what they call market saturation. And so we come to crux of the problem " Do we REVALUE our nations, or DEVALUE them, or trade them in for the PESO "
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