IMF says Greece needs much more relief

An IMF report says that 1) Greece needs a lot more debt relief. Well beyond what Europe has been willing to consider so far. 2) Debt sustainability projections are unrealistic 3) Greek borrowing at anything below AAA would cause an unsustainable debt dynamic for years. 4) Eurozone creditors must accept either annual transfers to Greek budget or accept deep haircuts upfront. 5) Debt expected to peak at 200% of GDP in two years. The report says "The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date.” To read the full report click here (VIEW LINK)


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