BRUSSELS – Eurozone finance ministers struck a new deal with the IMF early Tuesday to slice more than 40 billion euros (US$52 billion) off Greece’s massive debt burden by 2020 – in turn freeing up long-blocked loans.
“The decision will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece,” said European Central Bank President Mario Draghi as he welcomed the agreement on leaving the talks.
In a key step towards restoring financing to Athens, Greece’s public creditors agreed to take measures to bring down the country’s debt-to-GDP ratio from an estimated 144 per cent to 124 per cent come 2020, European Union sources said.
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