Market news
11.02.2011, 14:14

IMF/ECB/EC STATEMENT on third review mission to Greece

  • Greece program has made further progress toward goals
  • Needed fiscal, broader reforms being implemented
  • Major reforms needed for economic recovery, fiscal sustainability
  • Still expect economy to stabilize late in 2011
  • Govt's full commitment to institutional change critical
  • Tight liquidity, rising non-performing loans straining bank system
  • Private banks have had some recent success raising capital
  • Govt must progress on stability of state-controlled banks
  • Mission for next program review planned for May 2011

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