IMF fears Greece cure will take 10 years -report

BERLIN, May 1 (BestGrowthStock) – 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.

Stock Market Advice

(Reporting by Erik Kirschbaum; editing by Keiron Henderson)

IMF fears Greece cure will take 10 years -report