The Greek debt is not sustainable said IMF representative Delia Velculescu  at the Economist Conference in Athens noting that a great debt relief is needed.

“Greece needs a substantial debt relief, which is clearly unsustainable,” she stressed clarifying that the IMF, although it does not participate in the agreement, it participates in the discussions.

The Fund’s representative noted that “we have proved that front-loaded application of measures before 2018 is not necessary, but we need to assess whether the proposed measures are in accordance with our analysis of the sustainability of the Greek debt.”

Otherwise, additional measures must be taken to ensure debt sustainability.

Referring to fiscal data, she stressed that the objectives are too ambitious given the Greek economy’s data. “Even if the fiscal measures are fully implemented, these will not be sufficient”.