European Union and International Monetary Fund officials indicated Greece will get an 8 billion- euro ($11 billion) loan next month under a 110 billion-euro bailout, as European leaders move to reopen talks on a new package that may mean deeper writedowns on Greek debt.
The team of officials from the EU, IMF and European Central Bank said Greece has made "important progress" in fiscal consolidation, according to an e-mailed statement today upon completion of a review in Athens. The mission warned that more spending cuts would be needed in 2013 and 2014 to meet deficit targets.
"Continuing funding to Greece is the least worst option available," said Peter Dixon, an economist at Commerzbank AG in London. "We should be thankful that sanity is prevailing, for now at least."
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