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GreekReporter.comGreek NewsEconomyIMF Sees Greek Debt hitting 189% of GDP Next Year

IMF Sees Greek Debt hitting 189% of GDP Next Year

Greece’s debt will surge to 189.1 percent of gross domestic product next year, the International Monetary Fund said Tuesday, far higher than its June projection of 172 percent.
The IMF did not explain the reason for the higher figure, contained in a new report on global fiscal imbalances.
But Athens’s debt level is a crucial issue in the IMF-European Union talks on releasing new funds in their 110 billion euro ($150 billion) bailout of Greece.
The IMF forecast the debt burden would fall to 187.9 percent of GDP in 2013. This year’s figure was put at 165.6 percent of GDP.
The Fund also revised upwards the estimate of Greece’s fiscal deficit this year, to 8.0 percent of GDP, dropping to 6.9 percent next year.
On Monday the IMF warned Greece to ramp up budget austerity to win rescue funds and avert bankruptcy and eurozone turmoil early next month.
The IMF criticized Greece for wasting time, being behind target with privatization and for allowing reform momentum to slow down.
(source: AFP)

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