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Although the default is not likely, states should address their rising deficits, IMF says. (Photo: snorski)

IMF: Greece, Ireland unlikely to default

Default in today's advanced economies is unnecessary and unlikely and the risk of debt restructuring is currently significantly overestimated, economists from the International Monetary Fund wrote in a report published Wednesday (1 September).

The IMF tried to downplay the likelihood of a default by some EU member states, while also warning that the debt burden in many wealthy countries may be close to its limits.

"Although the fiscal fundamentals look challenging, current market ...

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Although the default is not likely, states should address their rising deficits, IMF says. (Photo: snorski)

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