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Rescue lenders say Greece 'beginning to stabilize' after reaching new agreement

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ATHENS, Greece — Greece's rescue creditors say the country's economy is 'beginning to stabilize,' a day after reaching a key agreement to resume bailout loan payments.

In a joint statement, the European Union, European Central Bank, and International Monetary Fund on Wednesday said Greece was "poised for a gradual resumption of growth" after a six-year recession, with the government committed to making further sweeping market reforms.

It also urged the "swift recapitalization" remaining for Greek banks.

PHOTO: Protesters chant anti-austerity slogans during a rally in the northern Greek port city of Thessaloniki, on Wednesday, March 19, 2014. Greek civil servants, including hospital and teaching staff, have started a two-day strike against austerity measures imposed under the debt-mired country's international bailout commitment.(AP Photo/Nikolas Giakoumidis)
Protesters chant anti-austerity slogans during a rally in the northern Greek port city of Thessaloniki, on Wednesday, March 19, 2014. Greek civil servants, including hospital and teaching staff, have started a two-day strike against austerity measures imposed under the debt-mired country's international bailout commitment.(AP Photo/Nikolas Giakoumidis)

The latest round of negotiations between the Greek government and international debt inspectors lasted seven months, with politicians in Athens under mounting pressure as unemployment at 27.5 percent, and unions fiercely resisting ongoing austerity measures.

Civil servants launched a 48-hour strike Wednesday, with teaching staff and public hospital workers joining the protest.


Online:

Joint Statement: http://www.imf.org/external/np/sec/pr/2014/pr14112.htm

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