In yesterday's Wall Street Journal article: "Where is Greece's IMF Apology?", by Simon Nixon, the paper questions why the IMF hasn't offered any remorse to Greece, as it has to the U.K.
Christine Lagarde offered apologies to the U.K. last week concerning its statement that the country was "playing with fire", by conducting deficit-reduction methods.
Nixon pens, "The IMF's refusal to believe that Greece would achieve a budget surplus before interest costs in 2013 led to a seven-month delay in the disbursement of crucial bailout funds, which in turn delayed the country's return to the bond markets that has since fueled a revival in confidence and funding. Indeed, had Athens capitulated to IMF demands for further fiscal measures to meet the imaginary deficit, Greece would almost certainly be facing a seventh consecutive year of recession. As things stand, Greece delivered a 0.8% primary surplus last year and new data this week shows it is well ahead of budget for a 1.5% surplus this year".
The author discusses Greece's success in its bailout efforts and the IMF's statement that the nation shows: "significant progress towards rebalancing the economy". The international agency stated that its structural reforms are gaining strides, yet unevenly. The IMF commented on its "cautious optimism" for the future of Greece.
Nixon believes in Prime Minister Antonis Samaras' commitment to fiscal advancements, and the progress he has made on behalf of the country. He discusses Greece's survival concerning its major threats to financial recovery. The Wall Street Journal's "Where is Greece's IMF Apology" by Simon Nixon, can be read in full at: http://blogs.wsj.com/simonnixon/2014/06/13/where-is-greeces-imf-apology/?KEYWORDS=Greece.
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