Greece’s budget could be back in surplus by the end of the year, although a lot of work still needs to be done in terms of reforms, the International Monetary Fund’s (IMF) Managing Director Christine Lagarde told CNBC.
On Monday Greece secured a 6.8 million euro ($8.7 billion) lifeline from the euro zone on the condition that Athens cuts public sector jobs and delivers other reforms to generate the required cash. The deal prevents the country from defaulting on debt due in August.
Lagarde told CNBC she was pleased with Greece’s progress and believed it to be on the road to recovery.
“When I look at Greece, I’m very impressed by the efforts that have been undertaken to restore the fiscal situation of the country. It may well be that by the end of 2013, Greece will be in primary surplus, which is an amazing achievement,” said Lagarde.