IMF: Greece is Ready to Exit Bailout with Success
Greece is ready to take the next step and exit with success the ESM program, said the International Monetary Fund (IMF) in a report Tuesday.
The Washington-based group said that Greece's reforms efforts in combination with the recent debt relief agreed upon with Eurozone partners secure it market access in the medium term. However, it goes on to warn of challenges in the future.
"The debt relief measures mitigate medium-term refinancing risks, improve medium-term debt trends, and reopen access to medium-term financing. However, this improvement in debt indicators will be hard to sustain over the long-run under what staff considers realistic assumptions on average nominal growth (around 2.8 percent) and fiscal primary balances (at most 1.5 percent of GDP), suggesting that it could be difficult to sustain market access over the longer run without further debt relief," it said.