IMF: Greece’s economy has improved, but challenges remain

The International Monetary Fund says Greece has significantly improved its economy, but still “faces many challenges” as it heads toward the end of its third and final international bailout in August.

The IMF said Friday that Greece has “largely eliminated macroeconomic imbalances,” but noted growth was still hampered by “significant crisis legacies and an unfinished reform program.”

It noted there is still uncertainty over whether Greece’s heavy debt load is sustainable, despite a recent agreement with European creditors to lighten its terms.

Greece has depended on rescue loans since 2010, gripped by a financial crisis that saw it almost crash out of Europe's joint currency, the euro. In return for loans, successive governments have made wide-reaching reforms, including overhauling the pension and social security systems, raising taxes and slashing spending. [AP]

Read the full statement here.