The Greek economy will likely start recovering early next year, though there are some downside risks, International Monetary Fund's Mission Chief to Greece Poul Thomsen said Wednesday.
"We accept that there are some downside risks, but the way I look at it is there are clear signs of a bottoming out," Thomsen said in a conference call on Greece.
He said that Greece is on course to achieving primary balance this year. "This is an impressive achievement in the face of very, very strong headwinds," the official added.
Thomsen said the IMF has noted some slippages in the area of public administration reform and tax administration reform.
Earlier, the Fund had identified a EUR 11 billion financing gap and warned that the country may need more cash from the European countries to keep its bailout program on track.
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