IMF to the rescue, releases $4.6 billion for Greece bailout

hidden July 09, 2011 09:24:02 IST
IMF to the rescue, releases $4.6 billion for Greece bailout

Washington: The International Monetary Fund has said that it was releasing 3.2 billion euros ($ 4.6 billion) to Greece as part of its joint bailout with the
European Union for the debt-stricken country.

The IMF said yesterday that Athens was making "some progress" in reforms, and predicted the country would return to positive economic growth in the first half of 2012.

IMF to the rescue releases 46 billion for Greece bailout

The payment is part of a 110 billion euro IMF-European Union bailout package crafted for Greece last year. Reuters

The newest release of the IMF's part in the three-year, 110 billion EU-IMF bailout came as Europe's leaders and banks struggle to achieve an ostensibly voluntary restructuring of the country's debt to relieve pressure on Athens and avert a default on its debt.

New IMF chief Christine Lagarde said the Greek bailout is "delivering important results."  "The fiscal deficit is being reduced, the economy is re-balancing, and competitiveness is gradually improving," she
said.

"However, with many important structural reforms still to be implemented, significant policy challenges remain," she said, citing the need for more work on narrowing the country's fiscal deficit and increasing economic productivity to restore growth.

Agencies

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