IMF releases €2.5bn to bail out Greece

Financial Times
December 17, 2010

The International Monetary Fund said on Friday it was disbursing about €2.5bn ($3.3bn) more to Greece as part of an effort to bail out the country’s struggling economy.

The IMF’s executive board said it had completed a review of Greece’s economic performance and found that the Greek authorities remained determined to implement reforms and that progress was being made.

Murilo Portugal, IMF deputy managing director, said the Greek government deserved credit for pressing ahead with austerity measures and that inflation was declining and competitiveness improving.

But he acknowledged that public unhappiness with tough austerity measures is high and said the Greek government must stick with the course it has set.

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