"Deep and sustained fiscal consolidation, coupled with structural reforms, are key to restoring confidence and growth," the Organisation for Economic Cooperation and Development (OECD) said about Greece in an economic outlook report released yesterday.
The OECD predicts that the rate of decline in real GDP is expected to diminish over the projection period, reflecting improvements in external demand.
Commenting on the agreement in early May 2010 with the European Commission (EC), European Central Bank (ECB) and the International Monetary Fund (IMF), the OECD report underlined that it "enhanced the credibility of fiscal adjustment, which should lower borrowing costs and stabilize the level of public debt."
Greek News Agenda: OECD Report-Going for Growth