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IMF: Greece Is a Special Case Regarding its Rescue Program

IMF_GreeceThe failure of the Greek bailout program was due to a variety of factors, said International Monetary Fund Communications Director Gerry Rice on Thursday.
Comparing the success of the rescue programs in Ireland, Portugal, Cyprus and Latvia, to Greece’s bailout program progress, Rice called it a failure due to multiple and complex causes, which, however, he did not identify.
In addition, the IMF spokesperson expressed the view that the Greek economy is not at the level it should be regarding growth and employment, adding that all institutions should realistically acknowledge that the Greek economy is behind on both these fronts, and is also lagging in a series of economic indexes.
For this reason, Rice pointed out, the aim of the Fund is to shape the new program to the conditions that will lead the Greek economy to where it should be.
Moreover, he reiterated the Fund’s intention to contribute financially to the new program, under the condition that its contribution will be effective. The conditions are the sustainability of state debt and the consistent implementation of the reform program.
Especially in regard to labor market reforms, the IMF representative stated that the aim of the second bailout program evaluation is to expedite those reforms in order to bring the Greek labor market in step with the best international practices.

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