IMF: Greece Needs More Reforms .

[Joanne98]

Source: WSJ

ATHENS—A delegation of European and International Monetary Fund officials said Tuesday that Greece was "broadly on track" with its efforts to cut its budget deficit, but warned the country would need to take tough structural reforms in the months ahead.

"Our overall assessment of the program is that it is broadly on track," said Servaas Deroose, a senior European Union official at a briefing. "Fiscal consolidation is progressing well, even though important structural issues remain."

He added that Greece was making a strong effort to narrow its budget deficit to a goal of 7.5% of gross domestic product by the end of next year, even amid a forecast 4.2% contraction in economic growth.

The remarks come at the end of an eight-day visit to Athens by a delegation of IMF, EU and European Central Bank officials to assess Greece's eligibility to receive the third tranche of a €110 billion ($149.86 billion) loan deal struck last May. The visit was originally scheduled to conclude Sunday, but was extended by a day as the talks centered on


Read more: http://online.wsj.com/article/SB10001424052748704369304575632041675772602.html

[apnu]

1. Comes at no surprise. SOP for the IMF.

Go in, dangle a ton of cash and boss the country around to make changes the IMF likes. Then later boss the country around to make more changes and threaten the country if they don't reply. Rinse and repeat until free-market utopia (that is to say serfdom) is attained. Look at Jamaica.

[SKKY]

2. Right, it's EXACTLY like that...

...because Greece would be soooooooo much better off left to their own devices, huh?

[katsy]

4. The issue isn't whether they'd be better off.

Is it?

[xchrom]

3. Those motherfuckers - I hate the IMF. Nt

[LongTomH]

5. The Shock Doctrine in action!

Same MO everywhere: Cut public spending to the bone while sparing the banks and the big rich.