The International Monetary Fund has called for upfront and unconditional debt relief for Greece as it warned that without immediate action the financial plight of the recession-ravaged country would deteriorate dramatically over the coming decades.
In a strongly worded assessment, the IMF said that there was no prospect of Greece meeting the draconian terms of its current bailout plan and that interest payments on the soaring national debt would eat up 60% of the budget by 2060 in the absence of debt forgiveness.
The debt sustainability analysis by the Washington-based Fund said Greece should have longer to pay, have the interest rate on its loans fixed at 1.5%, and that its creditors should make debt relief automatic once the bailou…
Read the full article at: https://www.theguardian.com/business/2016/may/23/imf-warns-eu-bailout-greece-debt-relief