REUTERS - The European Union and IMF want Greece to push through more budget cuts and implement a series of long-agreed austerity reforms before they agree on a new bailout the country needs to avert bankruptcy, a report obtained by Reuters shows. All eyes have been on Athens' tortuous debt swap talks with its private creditors in recent weeks. EU economic and monetary affairs chief Olli Rehn injected some optimism on Friday, saying an agreement was "very close" and might be clinched as soon as this weekend.
REUTERS - The European Union and IMF want Greece to push through more budget cuts and implement a series of long-agreed austerity reforms before they agree on a new bailout the country needs to avert bankruptcy, a report obtained by Reuters shows.
All eyes have been on Athens' tortuous debt swap talks with its private creditors in recent weeks. EU economic and monetary affairs chief Olli Rehn injected some optimism on Friday, saying an agreement was "very close" and might be clinched as soon as this weekend.
The Government's austerity package remains "the right thing to do", the head of the International Monetary Fund said today in a boost for Chancellor George Osborne. Christine Lagarde gave her firm backing to maintaining the deficit-cutting measures, despite the threat of recession and economic forecasts being revise downwards. Figures released on Wednesday showed the economy shrank by 0.2% in the final quarter of last year - slightly more than anticipated and fuelling Labour calls for a change of course.
Christine Lagarde gave her firm backing to maintaining the deficit-cutting measures, despite the threat of recession and economic forecasts being revise downwards.
Figures released on Wednesday showed the economy shrank by 0.2% in the final quarter of last year - slightly more than anticipated and fuelling Labour calls for a change of course.
