IMF, EU warn Greece to cut, privatise as default threatens

The IMF and EU warned Greece to tighten austerity measures and ramp up asset state sales ahead of talks on rescue funds needed to stave off bankruptcy early next month.

The International Monetary Fund criticised Greece for wasting time, being behind target with a long-delayed asset sale and for allowing reform momentum to slow down.

And the European Commission urged Athens to implement the necessary budget cuts and reforms.

"We are not demanding more than what was agreed in the framework of the (debt rescue) programme for Greece," the commission's economic affairs spokesman, Amadeu Altafaj, told a news briefing.

Greece's creditors are insisting on "full compliance with the agreed targets, no more no less," he added.

Read Full Article from AFP

- Posted: 2011-09-19 11:51:24

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