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5/25/16

Greece Wins Pledge for Debt Relief as IMF Bows to Euro Plan - by Ian Wishart, Corina Ruhe, Nikos Chrysoloras

Greece’s creditors reached a preliminary accord to ease the country’s debt burden but left the important details to be hammered out after Germany’s federal election next year.

At a meeting of euro-area finance ministers in Brussels that ended early Wednesday, and paved the way for a 10.3 billion-euro ($11.5 billion) aid payout, the International Monetary Fund retreated from its hard-line stance for concrete and generous measures on Greece’s debt, allowing creditors to announce a “breakthrough” despite giving no figures or real commitments.

"It seems very much like an agreement of convenience more than anything else,” Peter Rosenstreich, head of market strategy at Swissquote Bank told Bloomberg TV. “Greece needed the money now -- they were already behind on payments. Europe really needed to show a stable hand” before the June 23 referendum on whether the U.K. should stay in the European Union, he said.

Read more: Greece Wins Pledge for Debt Relief as IMF Bows to Euro Plan - Bloomberg

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