European debt crisis

Serbia Strikes USD 1.2 B Loan Deal With IMF

Serbia has reached an agreement with the International Monetary Fund (IMF) on a 36-month USD 1.2 B precautionary standby arrangement. 

Under the agreement the Serbian government is committing to cut budget deficit to 4.2% of GDP from from 8% by 2016 by slashing wages in the public sector and trimming subsidies to loss-making state companies.

Eurogroup agrees to study precautionary support to help Greece into next phase

The head of the Eurogroup, Jeroen Dijsselbloem, said on Thursday that eurozone finance ministers are behind the idea of providing Greece with the financial support that would allow it to exit its bailout at the end of the year without requiring further funding from the International Monetary Fund.