Days after Greece defaulted on part of its debt, the IMF – part of the “troika” of lenders behind successive international bailouts – said Greece needed an extra €50 billion over the next three years, including €36 billion from its European partners, to stay afloat. It also needed significant debt relief.
The assessment, in a preliminary draft of the IMF’s latest debt-sustainability report, underlines the scale of the problems facing Athens, whatever the result of Sunday’s referendum on the bailout offered by creditors last month.
Prime Minister Alexis Tsipras’ rejection of what he terms the “blackmail” of EU and IMF creditors demanding spending cuts and tax hikes has so angered Greece’s partners that there is no hope of reconciliation before Sunday.
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