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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.

Is a Greek default an option?

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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