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Troika releases upbeat report on Greece

FXstreet.com (Barcelona) - The European Commission and the International Monetary Fund released a report on Friday, in which they assure that Greece's austerity efforts are bringing fruit and that the country's economy should start expanding again next year.

According to the document, Greek GDP is expected to rise by 0.6% in 2014. The deficit forecast for the country was lowered to 1.7% of GDP in 2015 and of 2.1% GDP in 2016.

Troika officials suggest that Greece has made substantial progress, carrying out the reforms required under the rescue program. They see that “public finances are steadily improving, the banking sector recapitalisation has reached an advanced stage”, but they remind that there are still actions which need to be taken.

“The fiscal outlook depends to a large extent on progress in strengthening the tax and social security revenue administrations,” they emphasize. The Troika is also concerned about the state of the Greek banking sector, and about the elevated unemployment rate, which is expected to reach a peak of 27% this year and then drop to 26.0% in 2014 and to 21.0% in 2016.

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