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Deep cuts restored Greek recovery program following political uncertainty

The head of an IMF mission to Greece says a major new round of austerity measures imposed by the country's coalition government has put its financial recovery program back on target, following months of stagnation and political uncertainty.

The International Monetary Fund's Poul Thomsen said Friday that rapid improvement had occurred after the program had fallen "significantly off track" earlier in 2012.

Conservative Prime Minister Antonis Samaras formed a coalition government after general elections in June last year, ending seven months of political uncertainty after the previous Socialist government formed an interim alliance with its political opponents to guarantee continued bailout payments and a private debt-restructuring deal.

Earlier this week, the IMF approved a long-delayed $4.3 billion loan installment to Greece following an economic review.