Greece received a clean bill of health from its international creditors on Monday, securing more rescue aid and prompting its finance minister to say he would ask for much more debt relief if Athens keeps meeting its bailout targets.
Athens is on course to contain its debt and pull itself out of a crippling recession next year, the creditors said, adding that the next disbursement of aid to the country, of at least 2.8 billion euros ($3.7 billion), should be approved soon.
The “troika” of creditors – the European Commission, International Monetary Fund and European Central Bank – gave the green light for the aid after Greek authorities gave up their opposition to about 15,000 public sector layoffs, a key condition of its latest bailout deal agreed late last year.
“I am very pleased that the government is making a particularly determined effort in this area,” the IMF’s mission chief to Greece Poul Thomsen said in a conference in Athens. “It has always been a surprise to me … that it’s been such a political taboo to get rid of people who under perform”.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.