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Greece Needs 50 pct Haircut for Debt to Fall to 120 pct by End-2020 -Troika

Greek debt can be brought down to near 120 percent of gross domestic product by the end of 2020 if private investors forgive 50 percent of what Athens owes them, a report by international inspectors on Greek debt sustainability showed on Friday.
“Debt can be brought to just above 120 percent of GDP by end-2020 if 50 percent discounts are applied,” the confidential report, obtained by Reuters, showed.
“Given still-delayed market access, large scale additional official financing requirements would remain, estimated at some 114 billion euros (under the market access assumptions used),” the report said.
“To get the debt down further would require a larger private sector contribution (for instance, to reduce debt below 110 percent of GDP by 2020 would require a face value reduction of at least 60 percent and/or more concessional official sector financing terms),” it added.
“Additional official financing requirements could be reduced to an estimated 109 billion euros in this instance,” it said.
The report was compiled by the “troika”.
(source: Reuters)

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