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A leaked analysis of Greece’s sovereign debt by the International Monetary Fund has heaped fresh pressure on the country’s creditors to grant the Mediterranean country massive debt relief as part of its latest bailout deal.
The IMF document shows Greece’s national debt burden peaking at 200 per cent of GDP, up from its already unsustainable level of 177 per cent. Monday’s deal in Brussels committed Greece’s creditors to “consider” further debt relief for Greece provided the Athens government implements economic reforms and further austerity.
But the IMF has been lobbying hard behind the scenes for a more proactive approach to tackle Greece’s spiralling debt burden as its own central condition for participating in a further Greece bailout.
The IMF argues that debt relief for Athens is needed “on a scale that would need to go well beyond what has been under consideration to date” and suggests debt relief will need to be much bigger than mooted in Monday’s €86bn deal.
But before debt relief can be discussed the Greek Prime Minister, Alexis Tsipras, must push a raft of austerity measures through parliament to start negotiations on a new funding lifeline from reluctant European creditors. (Ben Chu and Michael Day)Reuse content