National Bank of Greece ADR (fka NBGGY)

[Jester_Vandalay]

Greek economy at a crucial crossroads

The program for the consolidation of the Greek economy is at a crucial crossroads as a series of fundamental structural changes have to be implemented in the following few months, said IMF Managing Director Dominique Strauss-Khan in an interview with Kathimerini.

He estimated that if Greece can maintain the momentum of reform, investors' confidence will grow, and through the gradual return of competitiveness will follow growth.

He repeated that the IMF is advocating the extension of the repayment period for the loan to Greece, noting that "we will work with our European partners on a solution to give Greece some further breathing room" His assessment was that the Euro is not in danger, but described the situation in Europe as "serious" and underlined the need for a comprehensive European approach to the crisis, in an indirect criticism of Germany which, as was the case last May with respect to the assistance to Greece, today takes a reserved stance with respect to the extension of the loan to Greece, while it opposes the proposed issuing of Eurobonds.

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