International Monetary Fund (IMF)

Greece's epic 2019

Illustration of an upward trending stock chart with Greek statues cheering on
Illustration: Sarah Grillo/Axios

Greek assets have been on fire this year, and more particularly in the past two weeks as investors position for a more business-friendly government to take the reins from Prime Minister Alexis Tsipras.

Why it matters: After years of being viewed as a market pariah — thrice bailed out by its eurozone creditors, limping from one austerity budget to the next — Greece last year began its road to economic recovery, with "positive developments" noted by an IMF monitor. (Though it is still the fund's 3rd largest borrower after Argentina and Ukraine.)

Expert Voices

Pakistan's new IMF agreement calls for major reforms to avert crisis

Imran Khan speaking at a lectern
Pakistani Prime Minister Imran Khan. Photo: Fred Dufour/AFP/Getty Images

Pakistan reached a preliminary agreement with the International Monetary Fund for $6 billion in support over 3 years — a much-needed infusion as the country aims to buttress foreign reserves and forestall an economic crisis.

The big picture: For decades, Pakistan's government has prioritized military investments over development, yielding a thriving nuclear weapons and ballistic missile program but declining economic competitiveness. Its performance in this latest IMF program will establish whether Prime Minister Imran Khan renews the country's Faustian bargain or becomes the change agent he has claimed to be.