Greece praised for swift structural reforms

Financial Times
August 5, 2010

Greece is delivering fiscal and structural reforms on time but must crack down harder on tax evasion, a monitoring team from the European Union and International Monetary Fund said on Thursday.

Experts from the “troika” – the European Commission, the fund and the European Central Bank – made clear that Greece would qualify for a second loan tranche of €9bn from a €110bn rescue package on the basis of progress made.

But the experts said Greece would need “a sustained period of strong policy implementation” before it could resume borrowing on the international capital markets, perhaps in 2011.

More