International Monetary Fund Managing Director Christine Lagarde has offered Greece's European creditors a way out of their impasse over Athens' debts that would allow the euro zone to release a tranche of aid later this month.
The IMF believes Greece needs a debt haircut, which Germany rejects. Lagarde suggested agreeing a deal whereby the IMF would stay on board in the bailout, as Berlin wants, but not pay out further aid until debt relief measures are clarified.
The compromise could allow euro zone finance ministers to give the go-ahead for their next payment of their tranche of aid at their meeting on June 15, Handelsblatt said.
Greece hopes that euro zone finance ministers will offer enough clarity in June on debt relief measures that could be carried out after its bailout ends in 2018, to show investors that its debt - now at 197 percent of GDP - will be sustainable and help it return to bond markets as early as this summer.
Reference: Reuters
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