Eurozone Finance Ministers have failed to reach an agreement on how to make Greek debt sustainable after 12 hours of negotiations in Brussels.
A new round of discussions will take place on Monday November 26th, which means Athens will have to wait to receive their latest bailout payments.
Greece’s debt, currently at 170% of GDP, cannot be cut to 120% by 2020, the level deemed sustainable by the IMF, unless euro zone member states write off a portion of their loans to Greece. It states that to avoid those losses, the country would need two more years, but the IMF refuses it more time.
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