IMF sees Greek economy accelerating in 2019

Combined Shape

ATHENS, Greece (AP) — The International Monetary Fund said Friday it is optimistic on Greece’s growth and employment prospects for this year, but urged the government to stick to reforms to maintain the momentum.

In a report published following five-day talks with officials in Athens, IMF officials said that the battered Greek economy is set to grow 2.4 percent this year, up from 2.1 percent in 2018.

The report also argued that the heavily indebted country’s medium-term ability to repay its creditors — mostly its European partners and the IMF — remains “robust.”

It added, however, that the country remains vulnerable to a potential slowdown in the global economy and must press ahead with reforms, particularly to make the labor market more flexible.

Greece exited its eight-year bailout program in August. But it remains subject to scrutiny — lighter than during the bailout years but stricter than other countries that received rescue loans — from its European creditors.

Here's Who Qualifies for Government to Pay for Their Internet

If the reviews are satisfactory, creditors will return to Greece, through June 2022, 4.8 billion euros ($5.45 billion) in profits from their Greek bond holdings.

Representatives of Greece’s European creditors also took part in the talks in Athens this week. In a statement Friday, they said that particular attention was paid to reforms Greece has committed to complete by the end of last year, and to ways of reducing Greek banks’ bulky portfolio of non-performing loans.

The statement didn’t comment on the Greek government’s progress in implementing the measures. A full report on the European delegation’s findings will be released Feb. 27, with a decision on whether to release the first batch of funds expected March 11.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →

We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Combined Shape
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
New York City