Greece, the euro zone economy that suffered the most during the sovereign debt crisis and a country with the highest debt and unemployment, is now "among the top performers in the euro zone," according to the International Monetary Fund (IMF).
In a new report on the Greek economy, the IMF – which was one of Greece's principal lenders in bailouts during its economic crisis – said Greece had made positive economic progress.
"There are a lot of positive developments to point to. We expect growth to accelerate to nearly 2.5 percent this year from around 2 percent in 2018. This puts Greece in the upper tier of the euro zone growth table," the IMF's mission chief for Greece Peter Dohlman said in a report Tuesday.
"The government is meeting its ambitious fiscal targets agreed with European member states, though not without some cost to growth. Market access has been re-established with two successful government bond issuances this year."
"We also see normalization in other areas. For example, customers are now free to move their cash to any bank in Greece, and the banks themselves have almost fully repaid emergency liquidity assistance provided by the European Central Bank. Over the medium-term, we expect growth to gradually moderate as the economy reaches full employment," he added.