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IMF Says Greece Debt 'Explosive' In Long Term

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Greece's government debt remains highly unsustainable and will be "explosive" in the long run, requiring a more credible debt relief plan from Europe, the International Monetary Fund said in a report obtained by AFP.

Addressing the debt burden of the beleaguered nation will require significant debt relief from European institutions, including dramatically extending the grace periods and maturities of the loans, the IMF said in its annual report on the Greek economy. The IMF board is due to discuss the confidential report, which includes a debt sustainability analysis, on February 6, after which the findings will be made public.

Even with full implementation of the economic reforms the country has agreed to, "Greece's debt is highly unsustainable" and "will become explosive in the long run," as the government will have to replace highly subsidized official financing with market financing at much higher rates, the IMF said. The pessimistic report, though in keeping with the fund's repeated statements on the topic, makes it less likely the IMF will participate in any new European loan deal for Greece.

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