''The curtains are up
on another act of the Greek debt drama. Eurozone finance ministers and
the International Monetary Fund have agreed with Greece to begin, per
the IMF’s demands, providing some debt relief to the country, and to
release €10.3 billion ($11.6 billion) in bailout funds. Greece, for its
part, has agreed to another round of austerity and structural reform.
Until recently, the
IMF insisted that it would participate in the next Greek rescue program
only if it deemed Greek debt to be sustainable. Based on the IMF’s most
recent debt sustainability analysis,
that is not the case. Germany, however, insisted that the IMF remain on
board – and, with the latest deal, it seems to have prevailed, in
exchange for agreeing to debt relief that it opposed..''
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