new greek austerity measures get seal of approval from financial big hitters
News Posted On: 09 March 2010
Well, according to both the IMF and EU, the latest package of Greek cost-cutting measures announced last week will be enough to bring the budget deficit under control.
Firstly IMF Managing Director Dominique Strauss-Kahn said on Tuesday (January 26th) that Greece can survive its grave financial crisis through "deep reform at all levels". In an interview with the Athens-based daily Naftemporiki, Strauss-Kahn said the Greek economy is "in a crucial phase and should manage to restore its reliability". At the same time, he stressed that the country should keeps its commitments as a member of the eurozone.
International Monetary Fund, or IMF, financial aid for Greece is not needed, the head of the eurozone's group of finance ministers, Jean-Claude Juncker, said Monday in a press interview.
"I think that a commitment by the IMF, beyond technical help, is not necessary," Juncker told the German business daily Handelsblatt.
And finally, today EU Economic and Monetary Affairs Commissioner Olli Rehn said Greece is “on track” to achieve its deficit-cutting goals following the passage of extra austerity measures.
This is all good news for the Greek property market. Despite the positive spin, there is far too much uncertainty Greece for any foreigner to seriously consider buying a property in Greece at the moment. The biggest worry is what form the cut-backs will take, and what damage they could do.
To that end, every announcement of new austerity measures is the removal of a little of that uncertainty. That the latest are followed by such glowing endorsements from financial big-hitters is even better.
View property for sale in Greece
Back to news articles for this country
Latest Related News Articles in Greece
Property Searches in Greek Islands up by 50 pc
2011-07-25
Property searches in the Greek islands have increased dramatically during June, with much of the int.....
Investors Given Chance of Greek Property Bargains
2011-06-14
The austerity measures implemented by the Greek government include large property tax increases whic.....
Greek Government Unveils Austerity Budget
2010-11-18
The greek government has unveiled the long-awaited austerity budget, aiming to cut 5 billion euros o.....
Greek Govt Should Cancel Armament Orders to Raise Cash
2010-09-02
The Greek government is pondering how to raise 5 billion euros, and will probably increase taxes. Bu.....
Gloomy Outlook for Greek Property Market
2010-08-06
Greek property market looking at a rocky road ahead, but bargains will emerge victorious.....
What Does the Bailout Mean for the Greek Property Market
2010-05-04
A bailout for the indebted Greek economy was finally launched yesterday. What impact will it have on.....
Greek Property Market Hoping Bailout Deal is Enacted Swiftly
2010-03-26
France and Germany have agreed to bail-out Greece out with 22 million euros in aid, some of which is.....
New Greek Austerity Measures Get Seal of Approval from Financial Big Hitters
2010-03-09
Greek's latest round of austerity measures have been publicly praised by the EU and the IMF.....
Greece Should Resolve Debt Issues Says EU President
2010-01-13
Following the Dubai World debacle nvestors became concerned other countries may also have problems f.....
Greek Government Accepts Emergency Loan from Private Banks
2009-12-18
The recently elected socialist government in Greece, has accepted a 2 billion Euro emergency loan to.....