Secret IMF report shows Greece needs debt relief far beyond EU plan
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“Secret” IMF report shows Greece needs debt relief far beyond EU plans
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Reuters, July 15 – Greece will need debt relief far beyond what eurozone partners have been prepared to consider due to the devastation of its economy and banks in the last two weeks, a confidential study by the International Monetary Fund seen by Reuters shows.
The updated debt sustainability analysis was sent to eurozone governments late on Monday, hours after Athens and its 18 partners agreed in principle to open negotiations on a third bailout program of up to 86 billion euros in return for tougher austerity measures and structural reforms.
“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 — and what has been proposed by the ESM,” the IMF said, referring to the European Stability Mechanism bailout fund.
European countries would have to give Greece a 30-year grace period on servicing all its European debt, including new loans, and a very dramatic maturity extension, or else make explicit annual fiscal transfers to the Greek budget or accept “deep upfront haircuts” on their loans to Athens, the report said.
[Reuters]
[Editors Note: The Reuters SECRET REPORT is so secret – that Reuters will not share it in their news report. But it sure gets cicks for the buncha ads next to it.]
ARD correspondent: “It’s wide open again”
13/07/2015 06:26 clock
In the supposed final round of summit talks, the Greek Prime Minister Alexis Tsipras is said to have stated that he could not approve an agreement in principle, reported ARD correspondent Rolf-Dieter Krause.
The points that he should have accepted in the discussions on a possible compromise paper previously, thus was called into question. The concerns addressed accordingly among other things against the proposed privatization funds . And the further involvement of the International Monetary Fund. “It is now again in a new final stage of the negotiations.
And suddenly, after it appeared an agreement was near, it now seems to be all open,” said Krause on ARD television.
Μετα απο 14 ώρες συνάντησης της Ευρωζώνης, το αποτέλεσμα παραμένει αβέβαιο…νέα διακοπή για διαβουλεύσεις, #Greece
— NikosChristodoulides (@Christodulides) July 13, 2015
#EuroSummit intermission for final consultations -JM
— Joseph Muscat (@JosephMuscat_JM) July 13, 2015