July 13, 2011
A new International Monetary Fund assessment of Greece paints a tough picture of the nation’s ability to carry out a recently approved economic program, casting further doubt on the ultimate success of Europe’s $160 billion bailout of the country.
In a staff report released Wednesday, the IMF noted that Greece is facing a harsher and longer recession and more unemployment than initially forecast, forcing it deeper into debt.
Although the IMF recently agreed to lend the nation more money under the terms of an initial emergency loan program established last year, the latest staff review harbored no illusions that a crisis that has roiled world markets for 18 months will end anytime soon.
Greece’s debt is expected to peak at 172 percent of its annual economic output, substantially higher than the 150 percent of gross domestic product estimated when the joint IMF-European Union rescue was approved last year.
More
Read the Report
No comments:
Post a Comment