IMF Staff Says Greece Needs More Money, Potential Debt Relief
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Greece will probably need more money and debt relief from European countries in order to meet the objectives of its bailout program, according to a report by the International Monetary Fund staff.
In a report discussed by the IMF board this week and released today, the fund’s staff said 4.4 billion euros ($5.8 billion) of financing has yet to be identified next year under the rescue package it finances with euro-area nations. In addition, a December commitment by Europeans to provide further debt relief for Greece may require agreeing to measures as early as 2014-2015, provided Greece meets its budget targets, the IMF staff said.