IMF happy with Greek cutting debt

August 5, 2010 Share Print 0

Greece’s efforts to tackle its public deficit have had a “strong start”, the International Monetary Fund (IMF) and European Union (EU) have said.

The comments came after a delegation of staff from the IMF, EU and European Central Bank visited the country to check on the progress.

In May, the EU and the IMF agreed to loan Greece 110bn euros ($198bn; Ã‚Â£125bn) over three years.

An IMF official said he was “confident” Greece would get the next installment. “The program has made remarkable progressÃ¢â‚¬Â said Servaas Deroose European Commission representative

A 9bn-euros loan is due to be given to Greece on 13 September, and is dependent upon the government meeting progress targets.

Greece is continuing efforts to make big cuts to government spending, moves that have sparked a number of violent protests and strikes.

BBC News

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Dean Popplewell

Vice-President of Market Analysis at MarketPulse

Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.