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Greek premier asks for 30% debt write-off

July 03, 2015, 21:47 UTC+3 ATHENS
According to the IMF report, further slowing of structural reforms in Greece and a further fall in its primary budget surplus would make it impossible for the country to service its external debt
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© AP Photo/Petros Karadjias

ATHENS, July 3. /TASS/. Greece’s Prime Minister Alexis Tsipras said on Friday the latest report prepared by the International Monetary Fund (IMF) on Greek debt sustainability acknowledged the need for a debt haircut.

The IMF said in its report on Thursday that further slowing of structural reforms in Greece and a further fall in its primary budget surplus would make it impossible for the country to service its external debt and would require a debt haircut and an additional €50 billion in the next three years to pay its arrears.

The Greek premier said the IMF’s document justified Athens’ position. "The creditors never before presented this IMF’s opinion to the Greek government," Tsipras said.

This opinion justifies the Greek government’s position as it proves that the debt is not unviable and the only way to make it sustainable "is to do a 30% haircut and provide a 20-year grace period before any repayments," Tsipras said.

Greek premier urges citizens to say "no" to creditors’ ultimatums

Tsipras urged Greeks on Friday to say "no" to international creditors’ ultimatums at a nationwide referendum scheduled for Sunday.

"Sunday does not decide our exit from the euro zone but will decide whether we want to follow the policy that leads to the slow death of our economy and pension cuts," Tsipras said in a televised address to the nation.

"I’m urging you to say ‘no’ to ultimatums and ‘no’ to a split in society and the campaign for fear-mongering. Let’s do this for the sake of democracy and our dignity," the Greek premier said.

Greeks have to decide at the July 5 referendum whether the Greek government should accept or reject a draft agreement on an new austerity package for debt-laden Greece worked out by the European Commission, the European Central Bank and the International Monetary Fund.

Since 2010, when Greece’s sovereign debt crisis broke out, Athens has received 240 billion euros in two tranches of bailout loans from the EU and the International Monetary Fund (IMF).

Despite a partial debt write-off in 2012, Greece’s sovereign debt currently exceeds 315 billion euros or 175% of its GDP. This figure is almost three times the debt-to-GDP ratio set for the eurozone countries, which should not exceed 60% of GDO according to the EU’s Stability and Growth Pact.

Greece’s international creditors say the Hellenic Republic can receive further financial aid, if the government undertakes to implement further austerity measures in the country.

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