The Greek economy has improved, but may need more debt relief

ATHENS, Greece – Greece has dramatically improved its economy as it heads towards the end of its bailout in August, but its debt will remain difficult to manage in the long run, said Friday the Monetary Fund international. The IMF said the country would come out of its bailout package "having largely eliminated macroeconomic imbalances," but noted that growth was still hampered by "significant legacies of crisis and an unfinished reform agenda."

week to grant Greece a 10-year extension for the repayment of loans, as well as to release a final batch of life-saving loans worth 15 billion euros (17 billion dollars ). In return, Greece agreed to release primary surpluses – a budget surplus excluding the cost of debt financing – until 2060.

Greek debt currently accounts for about 180% of its gross domestic product [19659004]. The IMF said the debt relief agreement appeared to be based on "very ambitious assumptions" about economic growth and the ability to generate large primary primary debt surpluses over the medium term. . , adding that it might be difficult for Greece to remain financially independent without further debt relief.

The eurozone said it could provide further debt relief if needed, which the IMF has praised. However, it is "extremely important that any additional relief be conditional on realistic assumptions, particularly on Greece's ability to maintain exceptionally high primary surpluses".

She also said that Greece's fiscal objectives and investment.

Greece relies on life-saving loans since 2010, seized by a financial crisis that twice almost prevented it from escaping the European common currency. In return, governments revised pension and social security systems, raised taxes, and reduced spending. The country saw a quarter of its economy collapse, and unemployment reached nearly 28% at the height of the crisis. Unemployment rate remains above 20%

The IMF stressed the need to protect the independence of the country's statistical authority and improve the efficiency of the judiciary.

In a highly politicized case, one of the former heads of statistics, Andreas Georgiou, fought the legal battles on the charges, he deliberately inflated data on the budget deficit. However, he took over the statistics agency several months after Greece revised previously false budget deficit data and rushed into the financial crisis.

European bailout creditors have repeatedly defended Georgiou, arguing that his leadership was key "Improving the governance and independence of public institutions, including by providing adequate protection for public officials – such as those in charge of Statistical reports – is essential for building confidence in public finances and ensuring the integrity of data, "said the IMF.