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Stournaras: "The Worst is Over"

stournarasGreece’s crisis-hit economy is finally beginning to heal, according to the country’s finance minister ahead of a crucial report by the International Monetary Fund which is likely to be more positive than in the past.
Yannis Stournaras said “the worst is over” and the country had “reached the [bottom of the] trough”.
Mr Stournaras’s upbeat tone comes ahead of the IMF’s health check on the Greek economy, which is expected to indicate that the country is turning the corner. The IMF is expected to deliver its annual Article IV Consultation on the country tomorrow, which will give its verdict on whether the economic outlook is improving after six years of deep recession.
The IMF has praised improvements to Greece’s much- maligned tax collection procedures, according to reports in the Greek media this weekend.
Mr Stournaras said attempts to fix the country’s parlous public finances are starting to bear fruit, and could allow it to return to financial markets as early as next year.
In interviews with Greek newspapers this weekend, Mr Stournaras said Greece could be in a position to return to international debt markets by May 2014.
(source: Telegraph)

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