Jan 21, 2011
| Last Updated
The IMF Executive Board on December 17 approved the third tranche of its loan to Greece, which amounts to €2.5 billion, while the disbursement of the third eurozone loan tranche (€6.5 billion) is expected later this month, upon approval of the European Commission’s review report of December. Both reports conclude that the loan conditions were mostly met, even in view of Eurostat’s significant revisions to Greece’s 2009 deficit to 15.4% of GDP from 13.6%, and its debt to 126.7% of GDP from 115.1%.
How is this possible? The main reason is that the fiscal performance criteria are[...]
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