Arab Today, arab today lagarde delays have left greece with finance gap
Last Updated : GMT 08:10:35
Arab Today, arab today
Arab Today, arab today

Lagarde: Delays have left Greece with finance gap

Arab Today, arab today

Arab Today, arab today Lagarde: Delays have left Greece with finance gap

Washington - AFP

International Monetary Fund chief Christine Lagarde said Monday that delays in implementing Greece\'s bailout program, including privatization, have expanded the country\'s financing shortfall. Lagarde said that the 11.5 billion euros ($15 billion) in more spending cuts and revenues increases demanded by Greece\'s rescue lenders, including the IMF, might not be enough to get the massive rescue and reform operation back on the rails. \"As a result of the major delay in privatization (...) and the limited revenue revenue collection, there\'s a financing gap, especially if factoring in more time,\" she told an audience at the Peterson Institute for International Economics. \"We don\'t only need 11.5 billion euros of cuts; we need a series of cuts and additional revenues in order to fill in the fiscal gap,\" she said. \"We need some structural reforms that are in the interest of Greece and the Greek population,\" she said, noting that many professions are still \"closed up\" to new entrants despite the high jobless rate. \"The Greek debt will have to be addressed as part of the equation,\" Lagarde added. Athens has been struggling under pressure from its creditors the European Union and the European Central bank to identify more savings and revenues that are necessary to unlock an new loan installment under the 130 billion bailout of the country\'s finances. Many analysts think that Greece will need a fresh commitment of funds to bridge its shortfalls. Greece has also asked the IMF-EU-ECB troika for more time to meet budget targets. A loan installment of 31.5 billion euros is pending, needed by Athens to pay state salaries and pensions, recapitalize Greek banks hit by a state debt rollover and repay over six billion euros owed to private contractors. The fiscal program is supposed to run to 2014, but Greece wants this deadline extended to 2016. A European Union summit on October 18 and 19 is expected to decide on the Greek request.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lagarde delays have left greece with finance gap Arab Today, arab today lagarde delays have left greece with finance gap

 



Arab Today, arab today
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday