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DECEMBER 12, 2010, 9:47 A.M. ETIMF Strauss-Khan: Greece At Crucial Reform Crossroads
ATHENS (Dow Jones)--International Monetary Fund Managing Director Dominique Strauss-Khan Sunday said in a press release that the program for the consolidation of the Greek economy is at a crucial crossroads as a series of fundamental structural changes have to be implemented in the following few months.
In May, the IMF and the European Union provided a EUR110 billion bailout for the debt strapped Mediterranean nation to avoid bankruptcy in exchange for unprecedented austerity measures and the promise of deep structural reforms.
"There has been good progress in a number of key areas but to get growth going again fundamental structural reforms are needed. For example, opening up services, trade, and the professions; streamlining state enterprises; and improving the climate for business and investment," Strauss-Khan said in an interview with national Sunday newspaper Kathimerini.
In the press release he said if Greece can maintain the momentum of reform, investors will come to realize the country's commitment to change and confidence will grow.
"I am optimistic Greece can do it," Strauss-Khan said.
The managing director repeated that the IMF is advocating the extension of the repayment period for the loan to Greece, noting in the press release that "we will work with our European partners on a solution to give Greece some further breathing room."
Strauss-Kahn also noted the need for consensus among Greek political parties, and in that context he opened a "window" for limited adjustments to the memorandum.
"Greece is at a defining moment in its history and the country can only succeed if there is the broadest possible support for the changes that are needed," he said.
The managing director said if Greece can implement the reforms in the memorandum program,
the IMF projects that growth will return in the latter half of next year or early in 2012.
"I believe that, ultimately, [the Greek] people will support reforms--even very difficult reforms--if they feel they are in the best interest of their country and if everyone is contributing their fair share," he said in the release.
Strauss-Khan said there are major differences between the problems in Greece and those in Ireland, even if both have asked for a bailout. He said the economic programs for the two troubled countries need to be tailored to the specific circumstances.
"While Greece was mainly affected by mounting public debt in an uncompetitive and relatively closed economy, Ireland, which has a very open and dynamic economy, faced mainly a crisis in the banking system that became a heavy burden on state finances," the managing director said.
The top IMF executive described the situation in Europe as "serious" and underlined the need for a comprehensive European approach to the crisis. He indirectly criticized Germany which is taking a reserved stance on the repayment extension of Greek loans and also opposes the proposed issuing of euro-zone bonds.
"The situation in Europe is serious, but it is not a threat to the euro. The euro zone's system and institutions...need to be strengthened so as to better deal with crises. I am confident this will happen," Strauss-Khan added.
-By Nick Skrekas, Dow Jones Newswires; +30 210 2830685;
[email protected]
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oggi vi sono tutte news positive sulla Grecia, circa una ottantina che dicono le stesse cose ma sempre in visione ottimistica
è già un buon segno augurale
qui ci cita il 2012 come l'anno della ripresa economica