November 23, 2010
A delegation of European and International Monetary Fund officials said Tuesday that Greece was "broadly on track" with its efforts to cut its budget deficit, but warned the country would need to take tough structural reforms in the months ahead.
"Our overall assessment of the program is that it is broadly on track," said Servaas Deroose, a senior European Union official at a briefing. "Fiscal consolidation is progressing well, even though important structural issues remain."
He added that Greece was making a strong effort to narrow its budget deficit to a goal of 7.5% of gross domestic product by the end of next year, even amid a forecast 4.2% contraction in economic growth.
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