IMF: EU deal only part of solution

THE agreement reached by European countries for deeper economic integration was a step in the right direction but not a complete solution for the eurozone’s debt crisis, International Monetary Fund chief economist Olivier Blanchard said yesterday.

“I’m actually more optimistic than I was a month ago. I think there has been progress,” Mr Blanchard told the Globes business conference in Tel Aviv.

“What happened last week is important: it’s part of the solution, but it’s not the solution.”