IMF says Greece needs extra €60bn in funds and debt relief
Source: The Guardian
The International Monetary Fund has electrified the referendum debate in Greece after it conceded that the crisis-ridden country needs up to 60bn (£42bn) of extra funds over the next three years and large-scale debt relief to create a breathing space and stabilise the economy.
With days to go before Sundays knife-edge referendum that the countrys creditors have cast as a vote on whether it wants to keep the euro, the IMF revealed a deep split with Europe as it warned that Greeces debts were unsustainable.
Fund officials said they would not be prepared to put a proposal for a third Greek bailout to the Washington-based organisations board unless it included both a commitment to economic reform and debt relief.
According to the IMF, Greece should have a 20-year grace period before making any debt repayments and final payments should not take place until 2055. It would need 10bn to get through the next few months and a further 50bn after that.
Read more: http://www.theguardian.com/business/2015/jul/02/imf-greece-needs-extra-50bn-euros
geek tragedy
(68,868 posts)out in public, you've lost the plot.
Ed Suspicious
(8,879 posts)cstanleytech
(26,291 posts)Greece can probably repay the lenders.
Javaman
(62,530 posts)"According to the IMF, Greece should have a 20-year grace period before making any debt repayments and final payments should not take place until 2055. It would need 10bn to get through the next few months and a further 50bn after that."
will that same "grace period" also include a suspension of interest?
AllTooEasy
(1,260 posts)...with these favorable conditions?
Or is the IMF childishly playing the role of the instigator? Put your money where your mouth is, and directly help Greece out!
cstanleytech
(26,291 posts)Hopefully though the IMF will help Greece and give them the time they need for their economy to recover and for them to make the changes that they need to make and to get their spending to a manageable level.
MrTriumph
(1,720 posts)Elections have consequences.