The IMF now fears that the debt will still be 150pc of GDP in 2020. It has already stated that it cannot take part in any further aid packages unless the debt in on track to fall below 120pc.


All losses so far from Greece's default been concentrated on private investors. They have taken write-downs of 75pc, or nearer 85pc on current market prices. The scale of the debacle in Greece means that any future write-downs must come from taxpayers and the EU bail-out fund (EFSF).

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