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Greece on track with reforms, IMF, EU, ECB say

Debt-ridden Greece is on track with the reforms required as part of the rescue package that saved it from bankruptcy, a delegation from the International Monetary Fund, European Central Bank and the European Commission said Thursday.
The delegation was in Athens to review progress in the austerity measures the government has been implementing in order to pull the country out of a financial crisis that brought it to the brink of default last month.
The delegation said Thursday the deficit was lower than had been projected and the government was adhering to firm spending control.
“Fiscal developments are positive with central government revenues coming in closely as expected and with firm expenditure control in the state budget,” the delegation said in a joint statement, adding that based on preliminary data to the end of May, “the state budget deficit was lower than was projected in the program.”
The team, which arrived in Athens on Monday and was leaving on Thursday, is to return in late July for a full review of Greece’s progress in the three-year €110 billion ($136 billion) package of rescue loans.

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