IMF in Europe Doomed to fail?
78 , 77 ), Some of which will require new legislation. Policies include: stern labour reforms such as a reduction in the minimum wage by 32 per cent for people under 25, and 22 per cent for those over; 15,000 state workers placed on “labour reserve”, receiving 60 per cent of their wages for a year and facing redundancy thereafter; cumulative privatisations of at least €4.5 billion; and further spending cuts worth 1.5 per cent of GDP. The announcement was met with protests as private and public sector unions united in their criticism of the reforms and their impact on workers' rights.Greece’s loan package, the second IMF-European Union (EU) loan package since the beginning of the crisis, was officially approved by the IMF in mid March and is reported as being worth €130 billion. The IMF’s contribution is 15.2 per cent versus 27.5 per cent for the first loan. In addition, the previous loan was a stand-by agreement, but the new loan is through the extended fund facility (EFF), characterised by longer disbursement and repayment periods. Greece’s EFF will be disbursed in equal installments over four years, and is equivalent to a staggering 2,160 per cent of its IMF quota.
YUMMY chocolates