IMF chief: Greece needs two more years to fix economy
TOKYO - Greece's badly stressed economy will need an additional two years to get its runaway budget under control, the International Monetary Fund's managing director said Thursday.
Ms Christine Lagarde told a news conference in Tokyo it would take time before Athens is able to reduce its deficit to agreed levels, in comments that effectively push back a deadline to 2016.
"Instead of frontloading heavily it is sometimes better, given the circumstances and the fact that many countries at the same time go through that same set of policies with the view of reducing their deficits, it is sometimes better to have a bit more time.
"This is what we've advocated for Portugal, this is what we've advocated for Spain and this is what we are advocating for Greece."