The International Monetary Fund has released an updated analysis of the economic situation in Greece. From this it follows that the signing of an agreement with Athens Europe greatly underestimated the costs necessary to ensure the sustainability of the Greek debt.
In order to really save the situation and achieve economic recovery of Greece to European countries will have to go much further than they were willing to do during the signing of the agreement with the Greek government.
«Greece will be able to service its debt only if its debt will be facilitated to a greater extent than hitherto was going to do in Europe. Serious weakening ability to service the debt indicates the need for debt relief to a much greater extent than the one that was ready to go to Europe “- said in a research note the IMF.
It is noteworthy that these findings were published the next day after the leaders of the eurozone countries announced an agreement with Greece on reforms in exchange for financial support.
In the next two years, according to the IMF, Greece’s debt will reach 200% of GDP. For real economic recovery of Greece announced measures are not enough. As one of the options proposed fund set 30-year grace period at the service of all European debt, including new loans. Another course of action is to scale debt relief Greece. However, the Fund noted that the decision is up to Europe.
Earlier, against the write-off of Greek debt categorically Germany.
Greek Prime Minister Alexis Tsipras said he was forced to sign an agreement under the threat of exit Greece from the eurozone. He admitted that he did not believe in their success. “I am fully aware of its responsibility for errors and omissions, and for signing the document, which I do not believe, but who is obliged to carry out” – he said, speaking on television.
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