Greece wins significant debt relief
Agencies: Brussels, Nov 27 2012, 11:07 IST
see Greece's debt-to-GDP ratio fall from an estimated 144 percent to 124 percent come 2020, and "substantially below 110 per cent" of gross domestic product by 2022.
"The IMF wanted to make sure the euro partners would take the necessary actions to bring Greece's debt on a sustainable path," said Lagarde. "I can say today that it has been achieved."
There will be a mixture of techniques used to bring down Greece's debt burden.
These will begin with a buyback by Greece of old debt thathas fallen in value on commercial money markets as well as national central banks across the eurozone foregoing profits on holdings of Greek debt whose worth has slumped.
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