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Apr 3
Greece Need Reforms To Securing Bailout
Monday, 04 July 2011 05:34

Greece is struggling this week to sell assets and reform the tax system to qualify the proposed European Union and the IMF.

Eurogroup Chairman Jean-Claude Juncker stated that Greece would lose sovereignty-related anger of the unions who opposed the austerity plan.

Juncker's comments could lead to increased anti-savings that have been roiled for months, making countries such as Greece remained trapped in the worst recession since the 1970s with the unemployment rate over 40%. percent.

On Saturday, eurozone finance ministers approved a loan of € 12 billion Greek to prevent default.

The IMF will meet on July 8 to approve 12-billion euro loan tranche, which is expected to be delivered on July 15 and allow Greece to avoid the immediate threat of debt default.

But the country still needs a second rescue package, which also is expected to total around 110 billion.