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| Greece: EU and IMF in 'common position' | Greece: EU and IMF in 'common position' |
| (about 2 hours later) | |
| German finance minister Wolfgang Schaeuble has said the institutions in charge of Greece's bailout have reached a "common position" on how to proceed. | German finance minister Wolfgang Schaeuble has said the institutions in charge of Greece's bailout have reached a "common position" on how to proceed. |
| His comments appear to indicate that deadlock between the EU and the International Monetary Fund over the next steps may have been resolved. | His comments appear to indicate that deadlock between the EU and the International Monetary Fund over the next steps may have been resolved. |
| The IMF has said Greece needs more leeway to pay its huge debts before further rescue funds can be released. | The IMF has said Greece needs more leeway to pay its huge debts before further rescue funds can be released. |
| However, the eurozone has been reluctant to go much further. | However, the eurozone has been reluctant to go much further. |
| Arriving for a meeting of eurozone finance ministers in Brussels, Mr Schaeuble said: "I believe the institutions have a common position and that we will get to a point today where the technical mission can go to Athens so we can get a result." | Arriving for a meeting of eurozone finance ministers in Brussels, Mr Schaeuble said: "I believe the institutions have a common position and that we will get to a point today where the technical mission can go to Athens so we can get a result." |
| No 'haircut' | No 'haircut' |
| In its most recent assessment of the Greek economy, the IMF said: "Greece cannot grow out of its debt problem. Greece requires substantial debt relief from its European partners to restore debt sustainability." | In its most recent assessment of the Greek economy, the IMF said: "Greece cannot grow out of its debt problem. Greece requires substantial debt relief from its European partners to restore debt sustainability." |
| Eurozone governments have provided some debt relief already, in the form of lower interest rates and extended repayment periods. IMF staff think Greece needs more concessions. | Eurozone governments have provided some debt relief already, in the form of lower interest rates and extended repayment periods. IMF staff think Greece needs more concessions. |
| However, the Fund has said there was no need for what it calls an "upfront haircut" - a reduction in the principal that has ultimately to be repaid. | However, the Fund has said there was no need for what it calls an "upfront haircut" - a reduction in the principal that has ultimately to be repaid. |
| In another development, the head of the European Stability Mechanism - the eurozone's bailout fund - said in a newspaper interview that Greece's finances were improving faster than expected. | In another development, the head of the European Stability Mechanism - the eurozone's bailout fund - said in a newspaper interview that Greece's finances were improving faster than expected. |
| Klaus Regling told Germany's Bild that Greece would probably need far less than the agreed maximum loan of 86bn euros (£73bn) by August 2018 as a result. | Klaus Regling told Germany's Bild that Greece would probably need far less than the agreed maximum loan of 86bn euros (£73bn) by August 2018 as a result. |
| Athens has made a 2bn-euro repayment to the bailout fund as expected, which Mr Regling said showed "Greece is a reliable contract partner. It is a sign that the restructuring of the Greek banking sector is progressing well." |