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Troika Assures Market Greece will Return to Growth in 2014

The troika of international creditors to Greece has said the country’s economy will start growing again next year and it will be able to contain its debts.

The troika, which includes the European Commission, the European Central Bank (ECB) and International Monetary Fund (IMF), said the next slice of financial support would be released soon.

The release of the funds follows a review by the troika.

They said Greek debt was containable.

Greek debt is currently 160% of the country’s gross domestic product (GDP) and the IMF says it must be cut to 120% of GDP to be sustainable.

The troika recently reviewed the country’s economic progress.

They said eurozone countries could soon approve the release of 8.8bn euros (£7.5bn; $11.5bn).

In a statement, they said: “The disbursement of the related 2.8bn euros from the EFSF [European Financial Stability Facility] tranche remaining from the previous review could be agreed soon by the euro area member states.”

via BBC [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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