Greece Made 'Strong Start' to Austerity Measures, Delegation Says

Greece has made a "strong start" in its austerity program and is on course to receive a 9 billion euro ($11.8 billion) installment of emergency loans, a joint European and IMF delegation said.

The Greek government is ahead of schedule in many areas as it battles to reduce its debt levels and budget deficit, the statement from the EU, IMF and European Central Bank delegation said.

"Our overall assessment is that the program has made a strong start," the statement said, according to Bloomberg News.

Still, the delegation warned that the country still faces "important challenges and risks."

The Greek government has already raised taxes and cut wages, measures that have helped slash the deficit by 45% in the first half of 2010.