EU publishes an assessment of Greece



The European Commission today published its evaluation of the request for rescue of Greece, there is a different view of debt sustainability of Athens from the IMF, but also hinted at the possibility of debt relief.

The EU said that the ratio of Greek debt to GDP ratio would be 150% in 2022 if Athens implement reforms but can reach 176% if it did not happen.
The IMF expects the ratio in 2022 is 170% debt to GDP and called for greater relief of the obligations of Greece than had been proposed.

The Commission's assessment is that the renegotiation of debt is possible, but not write it off, and only if Greece implemented the reform measures demanded by creditors.
According to the IMF European countries should give Greece 30-year grace period for debt service to the EU, including new loans, and dramatically extend the maturity.

Gross financing needs would rise to over 15% of GDP, the IMF considers it safe and will continue to grow in the long term, according to the updated study of the fund.
The European Commission, however, believes that the same ratio will be 10.4% on average between 2015 to 2030 and less favorable scenario, 13.1%.

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