IMF: eurozone periphery challenged, Italy-Spain recession

23 January, 17:46

(ANSAmed) - NEW YORK, JANUARY 23 - International Monetary Fund (IMF) chief economist Olivier Blanchard has said that ''high risks remain for countries in the eurozone periphery, with another year of recession in Spain and Italy''.

The IMF expects Italy's GDP to drop by 1% this year and Spain's by 1.5%. ''Progress has been seen in a number of areas in Europe but the recovery is stilled burdened by the need for recovery in public finances and problems within the financial sector,'' Blanchard said, underscoring that interest rates are also still too high. He concluded by saying that the implementation of the decisions made in Europe is essential.



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