In a 207-page report published yesterday, the International Monetary Fund while acknowledging that the Greek government has made “exceptional” progress in stabilising the economy and remains on course to emerge from a near six-year recession in 2014, it also warned of a threat of an €11bn gap in bailout financing.
The IMF stressed once again that the government needs to make major structural reforms so its economy can grow in the long-term.
Earlier, it emerged that 11 Latin American countries, represented by Brazil, have declined to back the latest International Monetary Fund bailout payment for Greece. Brazil has always expressed its reservations about the terms of the bailout.
It is worth noting that Greece’s Gross Domestic Product has declined by approximately 20 per cent since 2008.
