'Worst is over' claims Greece ahead of IMF health check

Greece's crisis-hit economy is finally beginning to heal, according to the country's finance minister ahead of a crucial report by the International Monetary Fund which is likely to be more positive than in the past.

Mr Stournaras's upbeat tone comes ahead of the IMF's health check on the Greek economy, which is expected to indicate that the country is turning the corner.
By James Hurley6:32PM BST 04 May 2013224 Comments
Yannis Stournaras said "the worst is over" and the country had "reached the [bottom of the] trough".
Mr Stournaras's upbeat tone comes ahead of the IMF's health check on the Greek economy, which is expected to indicate that the country is turning the corner. The IMF is expected to deliver its annual Article IV Consultation on the country tomorrow, which will give its verdict on whether the economic outlook is improving after six years of deep recession.
The IMF has praised improvements to Greece's much- maligned tax collection procedures, according to reports in the Greek media this weekend.
Mr Stournaras said attempts to fix the country's parlous public finances are starting to bear fruit, and could allow it to return to financial markets as early as next year.
Athens is on course to deliver a primary budget surplus – which does not take into account debt payments – a year ahead of schedule. He added that the country has already pushed through two- thirds of the reform measures needed to address the huge holes in the nation's budget. Interest costs on Greece's massive debt pile have been sharply reduced by the debt restructuring the government has made.