Greece need More Euro - IMF

"There is a gap according to our preliminary projections for 2015-2016" of up to "€9.5bn," Poul Thomsen, the IMF's mission chief for Greece, told a conference call.

The EU and IMF have committed a total of €240bn in rescue loans to Greece since 2010, but with its economy entering a sixth year of recession it is still having trouble making budget ends meet, AFP reported.
"The IMF's policy is that the programme needs to be fully financed for the 12 months ahead... What is key is that the Europeans know there is a gap and they'll have to fill it," he said.

Meanwhile, an IMF report into Greece has concluded that "the rich and self-employed have continued to evade taxes on an astonishing scale and bloated and unproductive state sectors have seen only limited cuts".
"Moreover, labour has shouldered too much of the burden as lower wages have not resulted in lower prices, because of failure to liberalize closed professions and dismantle barriers to competition. While the economy is now re-balancing apace, this is happening mainly through recessionary channels, rather than through productivity boosting reforms. Meanwhile, the mounting sense of social unfairness is undermining support for the program," the report added.
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