Eurozone says no more debt relief for Greece

The Eurogroup head, Jeroen Dijsselbloem, and German Finance Minister Wolfgang Schaeuble warned on Monday that it would be impossible to draw up fresh debt relief for Greece before the end of the year.

Eurozone counterparts said that it is now 2016 and it would be impossible to be precise on what the size of the possible debt measures could be by the second half of 2018. Schaeuble added that it would be "complete nonsense" to advance new measures on debt relief at the moment. Though both Greece and the International Monetary Fund (IMF) opposed the decision, the Eurozone said it wouldn't give a penny to the latest one until it sees a concrete plan from European countries to cut Greece's massive debt burden.

The IMF expected clear assurances on longer-term debt relief from the Eurozone by the end of the year in order to sign up to the new bailout. It said in a report in September that even with full implementation of the demanding reform agenda, Greece requires substantial debt relief calibrated on credible fiscal and growth targets.

Source: VOV5