BERLIN (AP) — Greece's international creditors are proposing granting the country two more years to meet its debt reduction targets as the country enters its sixth consecutive year of recession, according to a draft document obtained by The Associated Press Monday.
The country's so-called "troika" of creditors — the European Central Bank, the European Commission and the International Monetary Fund — has already pledged €240 billion ($305 billion) in bailout loans to keep Greece afloat while Athens implements reforms and austerity measures to get its finances in order.
Many analysts have said a two-year extension to the debt reduction target could require as much as €30 billion in fresh assistance, or granting Greece a reduction in what it owes — meaning its eurozone creditors will have to agree to take losses on some of their loans.
The country's so-called "troika" of creditors — the European Central Bank, the European Commission and the International Monetary Fund — has already pledged €240 billion ($305 billion) in bailout loans to keep Greece afloat while Athens implements reforms and austerity measures to get its finances in order.
Many analysts have said a two-year extension to the debt reduction target could require as much as €30 billion in fresh assistance, or granting Greece a reduction in what it owes — meaning its eurozone creditors will have to agree to take losses on some of their loans.
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