Thursday, July 14, 2011

IMF: Greece needs new bailout package

Greek Finance Minister Evangelos Venizelos (file photo)

Source: Press TV

The International Monetary Fund (IMF) has stated, in a recently released report, that Greece needs an additional bailout package to weather its debt crisis.

The report released on Wednesday, praised Greek officials for adopting austerity measures in an attempt to cut its budget deficit to less than 3 percent of its economy by 2014.

But added that the country needs to move decisively to bring its public debt under control, AP reported.

"It is essential that the authorities implement their fiscal and privatization agenda in a timely and determined manner," the report said.

Moreover, the report acknowledged that an additional EUR 71 billion in European Union aid and EUR 33 billion from private creditors is needed.

Greek Finance Minister Evangelos Venizelos said on Tuesday that his country wants the European Union to provide a new bailout package by the end of August, so they will be able to meet its financing needs in the coming year.

Greece's economy is currently contracting, making a reduction of the budget deficit harder, despite austerity measures.

"The recession is expected to trend a little deeper and longer than expected, but the outlook is for continued competitiveness gains and slightly faster external adjustment," the report stated.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

Venezuela News and Opinion

Yemen News 2017

Palestine & Israeli Crime 2017

Iraq News 2017

US News 2017

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

The Russian Perspective

Turkey News 2017

Ukraine News 2016 - 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Abby Martin – Empire Files

George Galloway – Comment & Opinion

Sheik Imran Hosein - Islamic Eschatology

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)