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IMF, eurozone reach deal on Greek debt

November 27, 2012
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Source: CNNMoney

Eurozone finance ministers and the International Monetary Fund announced Monday they had reached an agreement that moves Greece closer to receiving a massive bailout payment.

The deal includes lower interest rates for Greece, a debt buyback and more time for the debt-laden country to repay its rescue loans. The measures could help cut Greek debt to targets of 124% of GDP by 2020 and lower than 110% in 2022.

But plans to forgive Greek debt, a step some negotiators think is necessary to restore fiscal balance in the country, were shelved .

"I welcome the initiatives agreed today by the Eurogroup aimed at further supporting Greece's economic reform program and making a substantial contribution to the sustainability of its debt," Christine Lagarde, the IMF managing director, said in a statement.

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