Greece’s debt needs “significant” restructuring, but debt forgiveness by the country’s creditors is not necessary, IMF chief Christine Lagarde said Wednesday, appearing to soften the lender’s previous stance.
“Debt will have to be restructured appropriately,” the International Monetary Fund’s managing director told German television channel ARD after meeting Chancellor Angela Merkel in Berlin.
“At the present time no haircut is needed,” she said, referring to a financial market term for debt write-offs by creditors.
But she also called for Greece to implement deep reforms.
“We had asked the authorities to consider two categories of reforms, pensions reforms, income tax reforms,” she said.
“Those are the two key areas but there ar…
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