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IMF Allegedly Pushes EU to Reduce Greek Debt

IMFThe International Monetary Fund allegedly put pressure on the European Union to reduce the Greek state debt by 100 billion euros, according to German newspaper Rheinische Post.
The newspaper cites anonymous government sources in Berlin saying the IMF intends to participate in the new Greek bailout only if Europe reduces the Greek debt by about 100 billion euros.
This could be achieved by extending repayment time to 50 years, instead of 30. In addition, the Fund wants to reduce interest rates even more.
These requirements of the IMF’s participation in the Greek rescue program essentially constitute a Greek debt haircut, says the German newspaper.
However, the German government has rejected the IMF proposal. Greece’s lenders will discuss the Greek debt only after the first bailout program review that looks likely to take place in November.
The IMF proposal should be voted in the Bundestag, and the vote might be as early as mid-October, the Rheinische Post says.

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