Posted on May 2, 2010 by iMFdirect
Greece announced May 2 it had reached agreement with the International Monetary Fund (IMF), the European Commission, and the European Central Bank (ECB) on a targeted program to stabilize its economy, become more competitive, and restore market confidence with the support of a €110 billion (about $145 billion) financing package.
Negotiators over the weekend wrapped up details of the package, involving budget cuts, a freeze in wages and pensions for three years, and tax increases to address Greece’s fiscal and debt problems, along with deep reforms designed to strengthen Greece’s competitiveness and revive stalled economic growth.
Here’s links to key documents and material about Greece:
Institute of International Finance reaction
Video: IMF mission chief on CNBC
Filed under: Economic Crisis, Europe, IMF, International Monetary Fund, Multilateral Cooperation | Tagged: eurozone, Greece, Greek debt, Merkel, Papandreou, Poul Thomsen, Trichet |