Greece needs two more years to fix economy: Lagarde

Greece’s badly stressed economy will need a further two years before it is righted, the International Monetary Fund’s managing director said Thursday in Tokyo.

Christine Lagarde told a news conference it would take time before Athens is able to reduce its deficit to agreed levels.

“Instead of frontloading heavily it is sometimes better, given the circumstances and the fact that many countries at the same time go through that same set of policies with the view of reducing their deficits, it is sometimes better to have a bit more time,” Lagarde said.

via Business feed http://www.scmp.com/business/economy/article/1058568/greece-needs-two-more-years-fix-economy-lagarde