IMF: Greece must make extra effort

Greece’s international lenders have agreed the latest instalment of a loan to the debt-stricken country, but say Greece must make “an extra effort” to address its deficit next year.

In May, the EU and the IMF agreed a rescue package worth up to EUR 110 billion over three years. Greece will now receive the third tranche of that loan, worth EUR 9 billion.

But the government has had to agree new measures “to broaden tax bases and eliminate wasteful spending”. Greece is aiming to reduce its deficit to 7.5% of GDP in 2011 from the 15.4% it stood at last year.