The International Monetary Fund wants euro zone finance ministers to agree to cut Greece’s debt by 20% of GDP now (equal to €40 billion) and commit to further cuts later in order to put the country’s debt in a sustainable path, Reuters reported citing an unnamed source.
This reduction could be achieved through lowering interest rates and extending maturities on loans to Greece. However, Germany remains opposed to such a write-down.
Reports came out while European finance ministers, the ECB and the IMF are locked in Brussels for the third time in a week to try to reach an agreement on the next tranche of Greek aid.
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