Greece on track but still faces risks, EU and IMF say

The EU and IMF said on Thursday (August 5th) that Greece has made considerable progress in implementing the austerity measures, but warned the country still faces “important challenges and risks”.

“Our overall assessment is that the programme has made a strong start,” said a joint statement released by the European Commission, IMF and the European Central Bank after a two-week inspection aimed at checking whether Greece is eligible to receive the second 9 billion-euro tranche of its 110 billion-euro aid package. The funds are expected to be extended by September 13th under a three-year programme. At a press conference Thursday in Athens, IMF official Poul Thomsen voiced confidence that Greece would receive the next installment after a formal approval by the EC, ECB and IMF Board.