This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

IMF: Greece Recovering, Needs More EU Cash


ATHENS, Greece (AP) â¿¿ Greece has salvaged its economic recovery program following months of political uncertainty but still faces "enormous" challenges and will need new financial support from fellow eurozone states, the International Monetary Fund said Friday.

The IMF issued its views in a 260-page report after it approved this week a long-delayed $4.3 billion loan installment to Greece.

Poul Thomsen, headed of the IMF's mission to Greece, said the government's implementation of its reforms program had rapidly improved since earlier in 2012, when it was delayed by two inconclusive elections.

"The political situation in Greece ... had thrown the program significantly off track to the extent that there was a standstill in implementation (of reforms)," Thomsen said, speaking to reporters on a conference call from Washington D.C.

"The government has worked determinedly on catching up and ... I am glad to conclude that the program is back on track."

Conservative Prime Minister Antonis Samaras formed a coalition government following general elections in June last year, ending seven months of political uncertainty after the previous Socialist government agreed to form an interim alliance to guarantee continued payment of bailout loans and the future of the country in the euro bloc.

The Samaras government pushed through a major new round of austerity measures to lower the public deficit and debt. The measures, however, have also been hurting the economy and eroding standards of life â¿¿ the Greek economy is expected to contract for a sixth consecutive year in 2013 and poverty and unemployment are swelling at an alarming rate.

The IMF said that despite the improvements, it still expects Greece to face a financing shortfall of between ⿬5.5 billion and ⿬9.5 billion ($7.3 billion and 12.7 billion) in the years 2015-16.

It recommended that fellow eurozone states, which now hold most of Greece's debt, write off some of the loans. It also suggested that the states again lower the interest rates they charge Athens for the money.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs