Poul Thomsen News
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Greece’s government and international creditors reached an agreement on conditions related to the next payment of aid, including firing state workers.
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Greece needs to quickly step up the pace of reforms to its economy if the EU-led program isn’t to run off track, Poul Thomsen, head of the IMF’s Greek mission, said.
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The International Monetary Fund could allow Greece a longer period to repay loans or grant the country follow-up lending if it’s unable to tap markets, said Poul Thomsen , the head of the IMF’s mission to Greece.
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Greece’s structural reforms have not gone far enough and the government is unable to raise more revenue through tax increases, the International Monetary Fund’s mission chief to the country said.
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Greece will probably have to restructure its debt again and this may involve bailout partners such as European governments, said Moritz Kraemer, head of sovereign ratings at Standard & Poor’s.
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Greece will need to make an “extra effort” to cut its 2011 budget deficit enough to keep receiving emergency aid, European Union and International Monetary Fund officials said.
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Greece’s 110 billion-euro ($149 billion) rescue has failed to restrain borrowing costs as investors remain skeptical about the nation’s ability to pay its debts once the aid package expires.
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Portugal’s economy will shrink twice as much as forecast this year as the government implements additional austerity measures to qualify for an international aid package of as much as 78 billion euros ($116 billion).
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Greece has shown “great progress” in implementing austerity measures to cut the European Union’s second-biggest budget gap and should qualify for a 9 billion- euro ($11.8 billion) installment of emergency loans, an International Monetary Fund official said.
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Greece’s international bailout plan will include a 10 billion-euro ($13.3 billion) support fund for the nation’s banks, which may face rising bad loans as the economy shrinks.
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