Greece wins IMF praise despite delays in axing state jobs

ATHENS, Greece – The International Monetary Fund says Greece has made "exceptional" progress in stabilizing its economy and remains on course to end its recession next year, despite missing targets for privatization and axing state jobs.

In a 207-page report published Wednesday, the IMF also cautioned that Greece needs to make major structural reforms so its economy can grow in the long-term.

Greece's coalition government is struggling to meet staff reduction targets in the large public sector, and is due to announce details later of its plan to suspend up to 25,000 employees on reduced pay by the end of the year — to be later transferred or fired.

Greece has been surviving on rescue loans from the IMF and other eurozone countries since 2010, when it lost access to long-term debt markets.