The International Monetary Fund says Greece will be needing debt relief and 85 billion euros (USD 95 billion) in new financing through 2018 because its situation has deteriorated since it closed its banks June 29.
Greece and its creditors reached a bailout agreement that requires Greece to enact budget cuts and economic reforms but allows it to keep using the euro currency. But the IMF said “Greece’s debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far.”
About Indian Monetary Fund (IMF)
- The International Monetary Fund (IMF) is an international organization.
- Headquarters: Washington D.C.
- Formed: 1944
- Membership: 29 states
- Managing Director : Christine Lagarde
For more info- Greece
