EU, IMF delegation visit Greece to review progress on deficit reduction

The Associated Press ~ staff The News
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ATHENS — A delegation from the International Monetary Fund and the European Union is in Athens for an interim review of the country’s efforts to pull itself out of a major debt crisis that pushed it to the brink of default.

The delegation, which will stay in Greece for the week, arrived Monday and was holding meetings at the finance ministry.

Greece is under strict supervision as part of the terms of a C110 billion (US$130 billion) package of rescue loans from the IMF and other EU countries using the euro. Athens received the first instalment of loans in May, just in time to pay off maturing government debt, and is to receive the second in September.

Greece says it has exceeded deficit-cutting targets in the first five months of 2010.

Organizations: European Union, International Monetary Fund

Geographic location: Greece, ATHENS

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