BREAKING NEWS

EU: Greece making good progress with debt; risks remain

By ASSOCIATED PRESS

AUGUST 5, 2010 12:33

ATHENS, Greece — European and International Monetary Fund inspectors say Greece has made considerable progress in dealing with its financial crisis, but that it still faces key challenges and risks.

The officials outlined on Thursday the results of a two-week review of Greece's austerity program.

Athens hopes to receive €9 billion ($11.8 billion) in loans by Sept. 13 under a three-year program worth €110 billion set up by the IMF and other EU countries using the euro. In return, Greece has been implementing strict austerity measures that have seen it cut civil service pay and pensions and increase taxes. The IMF, ECB and EC hold quarterly reviews.

IMF official Poul Thomsen said he was "definitely confident" Greece would receive the next installment.

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