by Mike ‘Mish’ Shedlock
In a “breakthrough” agreement to kick the can until after the next German elections, the IMF backed down on its demand for immediate debt relief for Greece now.
According to the agreement, Greece will have to maintain a primary budget surplus of 3.5% of GDP, a condition the IMF argued as impossible, just a few days ago.
Please consider Greece Reaches Debt Relief Breakthrough with Creditors.
Creditors have decided on measures to provide short, medium and long-term debt restructuring on Greece’s 180 per cent debt mountain, having been locked in eleven hours of negotiations in Brussels, ending at 2am local time, writes Mehreen Khan in Brussels.