- IMF: Greece program gaining ground, but more work needed
Market news
16 March 2011
IMF: Greece program gaining ground, but more work needed
- Greece needs 3.5%/GDP new cuts to hit 2011 deficit target
- Debt seen peaking in 2013, then declining
- Greek economy seen bottoming out in 2h 2011
- Bank system must free itself from eurosystem support
- Greece should start enacting medium-term policy reforms in 2h 2011
- Credit, liquidity both remain tight
- Banks continue to tightening lending, credit standards
- Inflation broadly in line with program estimates
- Inflation to hit 1% by end-2011; stay there for some time
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