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IMF fears Greece cure will take 10 years -report
May 1, 2010 / 10:55 AM / 7 years ago

IMF fears Greece cure will take 10 years -report

BERLIN, May 1 (Reuters) - The International Monetary Fund believes it will take 10 years for Greece to overcome its financial crisis, according to a report to appear in Monday’s Der Spiegel magazine.

Without citing any sources, the newsweekly said the IMF expects it to take that long for economic reforms to be pushed through and then bear fruit.

Der Spiegel also said that U.S. Treasury Secretary Timothy Geithner applied pressure on the German government to agree to support international rescue efforts for debt-stricken Greece.

“There was considerable American pressure applied on Germany to agree to the rescue package,” the magazine said.

“Geithner demanded from Deputy Finance Minister Joerg Asmussen at a meeting of G7 finance ministers in Washington last week that Germany drop its resistance as fast as possible.”

It said Geithner warned Germany that it was important to resolve the Greek issue before the crisis spread to other countries and pointed out that it was Germany’s task more than anyone else’s as Europe’s leading economic power.

Reporting by Erik Kirschbaum; editing by Keiron Henderson

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