Greece has suffered economic debts over the years, but has now recovered effectively and faster than scheduled because of its effective economic overhaul program. According to the European Union, the IMF or International Monetary Fund, and ECB or European Central Bank, the Greek government has done a tremendous job to take care of the economy, but still, there are risks remaining.

The three organizations, EU, IMF and ECB, made a joint statement last Thursday, stating that Greece’s economic plan has made a very good start, noting that some reforms have been made already way ahead of the scheduled date. Still, they said that challenges and risks still remain.

The main move that Greek authorities have done is spending way below the budget limit at the level of state. This has allowed make up for slippages in social security funds, hospitals and local governments. On the other hand, a particular area of interest that the IMF, ECB and EU pointed out that needs to be improved is on tax administration.

Particularly, the Greek government needs to find ways to make wealthy individuals and people that earn a lot of money pay their taxes religiously, and not allowing them to evade taxes.