IMF: Greece's debts are still unsustainable despite progress
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.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Local restaurants struggling to hire employees as business increases
COAST GUARD: Two more unresponsive crew members recovered from capsized lift boat...
Woman's missing unemployment benefits may have gone to wrong bank account
Second body recovered miles from lift boat as Coast Guard continues search...
Defense lawyers questioning BRPD drug squad cases amid corruption investigation
'We have a plan': Coach O quiet on how Title IX scandal...
Southeastern regains sole possession of first place in Southland standings with win...
Max Johnson in the mix for LSU starting quarterback job
Coach O admits to mistakes, takes steps to correct them in the...
Saints QB Jameis Winston gets emotional discussing Drew Brees