Greek financial reforms ‘broadly on track’, EU states

8 July 2010

Financial reforms implemented by Greece after its debt crisis mean the state’s recovery is now ‘on track’, a new report has said.

The study, which was put together by representatives from the International Monetary Fund, the European Central Bank and European Commission, followed a visit to Greece by financial experts during June.

According to the report, which was quoted by the Financial Times, “the economic adjustment programme appears to be acting as a catalyst, including in areas where reform efforts have been lacking for many years”.

However, the study also identified certain areas where further work is required for the recovery to continue.

Inflation in Greece was singled out as a cause for concern with the rate recently reaching over five per cent, which is its highest figure for nearly 13 years.

The Greek economy is also expected to shrink by four per cent while the number of people out of work will continue to rise.

Earlier in the year, the Greek government agreed to accept a bailout package from the IMF and its fellow EU nations worth €110 billion.

By Jim Ottewill

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