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Greece wins pledge for debt relief as IMF bows to euro plan

The yield on Greece's 10-year bond fell below seven per cent for the first time since November, sinking as low as 6.98 percent on Wednesday


Bloomberg  |  Brussels 

Greece's creditors reached a preliminary accord to ease the country's debt burden but left the important details to be hammered out after Germany's federal election next year. At a meeting of euro-area finance ministers in Brussels that ended early Wednesday, and paved the way for a 10.3 billion-euro ($11.5 billion) aid payout, the International Monetary Fund (IMF) retreated from its hard-line stance for concrete and generous measures on Greece's debt, allowing creditors to announce a breakthrough despite giving no figures or real commitments. "It seems very much like ...

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First Published: Thu, May 26 2016. 00:23 IST