Greece: IMF pleased with progress, worried on debt

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Greece: IMF pleased with progress, worried on debt
June 10, 2014 : Updated: June 10, 2014 8:30am

ATHENS, Greece (AP) — The International Monetary Fund says Greece has made "significant progress" in reforming its economy and has performed better than expected on some fiscal targets, but much remains to be done for the country to pull itself out of its financial crisis.

In a report released Tuesday, the IMF said Greece's public debt is expected to remain high "well into the next decade." It urged the government to increase efforts to liberalize markets, combat tax evasion and speed up public administration reform. It also said it should help its exporters become more competitive and the banks deal with "a mountain of bad loans."

Greece has depended on rescue loans from the IMF and other eurozone countries since mid-2010, when a financial crisis left it unable to borrow on international markets.