Bloomberg News

EU, ECB, IMF Says They Conclude Fifth Review of Greece’s Economy

October 11, 2011

Oct. 11 (Bloomberg) -- A European Union, International Monetary Fund and European Central Bank team of inspectors said Greece has overall made important progress in fiscal consolidation, according to an e-mailed statement from the European Commission’s offices in Athens on completion of a review of the country’s economy.

“The success of the program continues to depend on mobilizing adequate financing from private sector involvement (PSI) and the official sector,” the statement said. ‘‘Ongoing discussions on PSI together with assurances provided by European leaders at their July 21 summit suggest that the program remains fully financed.’’

Once the Eurogroup and the IMF’s Executive Board have approved the conclusions of the fifth review, the next tranche of 8 billion euros will become available, most likely, in early November, the statement said.

To contact the editor responsible for this story: Maria Petrakis at mpetrakis@bloomberg.net


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