Wall Street Journal
February 19, 2012
The International Monetary Fund now expects Greece's debt to reach 129% of the country's gross domestic product in 2020, three people with direct knowledge of a draft debt-sustainability analysis put together by the fund said on Sunday.
That is even further above the level most economists consider sustainable than previously thought, making it more difficult than ever to argue that the country can ever repay its debts.
Despite this, a number of signs last week had indicated that there was still enough political will in the euro zone to go ahead with a new, enhanced rescue package.
The fund is proposing four options for Greece's official lenders to bring the ratio down toward the 120% level that was thought of as "sustainable" in the last debt-sustainability analysis put together in October.
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