August 6, 2010
Greece met all its targets under an austerity plan mapped out by the European Union and International Monetary Fund, according to the external agencies monitoring the program, but they warned that overspending by local governments, hospitals and social-security funds were offsetting a better-than-planned fiscal performance by central government.
The assessment, greeted positively by the Greek government, means Athens should receive the next portion of financial aid as scheduled under a €110 billion ($144.8 billion) rescue package agreed in May, subject to final reviews, a joint statement from the European Commission, European Central Bank and the IMF said Thursday.
"Greece has made a good start on the program, having acted vigorously and ahead of schedule in some aspects," Servaas Deroose, a senior official at the European Commission, the EU's executive arm, told a joint news conference in Athens. However, officials said the government wouldn't regain access to financial markets anytime soon.
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