Greece’s European creditor institutions presented their first debt-relief proposals to euro-area finance ministers on Monday, according to a copy of the document obtained by Bloomberg News. The baseline scenario of the analysis assumes a primary surplus before interest payments for decades to come, a situation that International Monetary Fund Managing Director Christine Lagarde has described as a “far-fetched fantasy.” While the IMF says that a primary surplus of more than 1.5 percent of gross domestic product isn’t a realistic assumption, European auditors project that Greece will run a surplus above this level until 2040 in their baseline scenario.

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