World Economy

Greece Needs Debt Relief

Greece Needs Debt ReliefGreece Needs Debt Relief

Greece needs substantial relief to render its debt load sustainable and help set its ailing economy on a recovery path, the International Monetary Fund said in an annual review on Friday, Reuters reported. The review, which is separate from current bailout implementation talks, said debt relief must be calibrated on credible fiscal and growth targets, and noted that current primary budget goals beyond 2018, which exclude debt servicing costs, are unlikely to be reached. The IMF, which has yet to decide whether it will participate in Greece’s third international bailout, has been pushing for softer fiscal goals before it will contribute some of the €86 billion ($96 billion) in financing.