The Greek economy has not reached the level of growth and employment it should have, the spokesman of the International Monetary Fund (IMNF) Gerry Rice said on Thursday during a regular press briefing in Washington.
Speaking to journalists, Rice said all institutions must recognize that the Greek economy has also not achieved success in a series of other economic indicators. For this reason, the IMF aims at incorporating in a new program those conditions that will lead the economy to where it should be.
Concerning the requested reforms in the Greek labour market, Rice said the aim of the second program review will be to align the labour market with the “best international practices”. He also avoided commenting on a statement made by Greek Labour Minister George Katrougalos on Wednesday that the IMF “has been isolated” in the ongoing negotiations.
He said the failure of the Greek program, in comparison with those at Ireland, Portugal, Cyprus and Latvia is due to numerous and complex causes, without naming them.
Rice also reiterated the IMF’s intention to participate in the new program on the condition that it will be effective. This will be achieved by taking into account the sustainability of Greek public debt and the consistent implementation of the reform program.
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