Greek debt will become 'explosive' within 13 years

Greek debt will become 'explosive' within 13 years

"Yesterday the FT said it had caught a glimpse of an as-yet-unpublished report which showed the IMF's staff have argued debt in the country is on an "'explosive' path to reaching nearly three times the country's annual economic output by 2060".

But Lagarde said following a speech that the fund in the review of the Greek economy "tried in full honesty to be those ruthless truthtellers" despite the criticism.

Eurogroup head Jeroen Dijsselbloem said on Tuesday he had been "surprised" by the IMF's tough tone, saying: 'Greece is already doing rather better than what is described in the report.

"Most Directors [of the IMF Executive Board] considered that, despite Greece's enormous sacrifices and European partners' generous support, further relief may well be required to restore debt sustainability".

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The IMF also took the unusual step of conceding that its board was split over the findings, though most of the 24 agreed with the "thrust" of the appraisal.

While the International Monetary Fund board did not discuss the loan program, the board members representing the 189 International Monetary Fund member countries agreed in urging Greece to speed up implementation of reforms - especially improving tax collection - to get the economy back on sound footing.

Since the financial crisis left it buried in debt and unable to issue bonds in financial markets, Greece has relied on worldwide bailouts. But he ruled out any relief on principal debt. It also needs to agree another bailout deal before the next meeting of eurozone finance ministers in two weeks. The IMF forecasts that government debt will reach 160% of gross domestic product (GDP) by 2030, and would "become explosive thereafter".

That would allow the country to join the European Central Bank's bond-buying program, which would boost market confidence and make it easier for Greece to return to the bond market later this year.

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