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Greek budget proposals insufficient: IMF's Blanchard

International Monetary Fund Economic Counsellor and Director of Research Department Olivier Blanchard speaks during a press briefing on the world economic outlook at IMF Headquarters on April 8, 2014 in Washington, DCThe budget reforms that Greece has proposed to its international creditors are not enough to ensure a surplus this year, the International Monetary Fund’s chief economist Olivier Blanchard told French financial newspaper Les Echos on Monday. Greece’s radical-left government has been locked in tortuous negotiations with its creditors — the IMF, the European Union and the European Central Bank — for the past four months in a bid to unlock 7.2 billion euros ($7.9 billion) in bailout cash. Greece was supposed to have a three percent budget surplus this year, but that now looks out of reach, Blanchard said.

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