Greece: IMF Report

Greek Reporter: IMF Report: Pension Reductions, Tax and Labour Changes Needed 

IMF Concluding Statement - September 23, 2016 - "Greece needs to pursue deep reforms in key areas to increase the economy’s resilience and prosper within the currency union without long-term support from its European partners...a significant deepening and acceleration of the pace of implementation of reforms is still necessary to address the four key structural problems that are hindering the recovery and pose considerable risk to long-term growth: (i) a vulnerable structure of the public finances resulting from unaffordable pension spending financed by high tax rates on narrow bases and a deteriorating payment culture; (ii) impaired bank and private sector balance sheets; (iii) pervasive structural obstacles to investment and growth; and (iv) a public debt burden that remains unsustainable despite large debt relief already received".

" Greece is at a crossroads, and bolder efforts are needed to address its remaining key challenges".

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