Rescue lenders say Greece 'beginning to stabilize' after reaching new agreement

19.03.2014 - 23:13

Rescue lenders: Greece 'beginning to stabilize'

Associated Press - 19 March 2014 18:13-04:00

(AP) — Greece's rescue creditors say the country's economy is 'beginning to stabilize,' a day after reaching a key agreement to resume bailout loan payments.

In a joint statement, the European Union, European Central Bank, and International Monetary Fund on Wednesday said Greece was "poised for a gradual resumption of growth" after a six-year recession, with the government committed to making further sweeping market reforms.

It also urged the "swift recapitalization" remaining for Greek banks.

The latest round of negotiations between the Greek government and international debt inspectors lasted seven months, with politicians in Athens under mounting pressure as unemployment at 27.5 percent, and unions fiercely resisting ongoing austerity measures.

Civil servants launched a 48-hour strike Wednesday, with teaching staff and public hospital workers joining the protest.

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Online:

Joint Statement: http://www.imf.org/external/np/sec/pr/2014/pr14112.htm

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