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IMF: Greece's debts are still unsustainable despite progress

4 years 2 months 1 week ago Monday, February 06 2017 Feb 6, 2017 February 06, 2017 9:49 PM February 06, 2017 in News
Source: Associated Press

WASHINGTON - The International Monetary Fund says Greece, which has been struggling for years with high debts and painful rates of unemployment, is making progress toward reducing its massive budget problems and restoring economic growth.

But the IMF says the country's debts remain "unsustainable" over the long term.

The IMF predicts Greece's economy will reach long-run growth of just under 1 percent a year, unimpressive but an improvement on years when the economy was shrinking. And Greece will meet the IMF's target by reporting primary annual budget surpluses - which do not include interest payments - equal to 1.5 percent of economic output.

Since the financial crisis left it buried in debt, Greece has made painful budget cuts that caused a deep recession. Unemployment is 23 percent.

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