IMF delivers gloomy Greece update

Greek flag

On Tuesday evening, the International Monetary Fund (IMF) published its Fifth Review Under the Stand-By Arrangement for Greece and in it, painted a grim picture of the country's economy.

The report said the economy had turned downwards "sharply" in 2011. Discussions with Greek officials before the release of the IMF review took place in the context of a "drawn-out process" in Europe to assemble a new and adequate financing package to support Greece, said the document. Meanwhile "struggles in Gre

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