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Greek Debt Groundhog Day: Deal Collapses After 8 Hours of Negotiation


Yet another Greek debt cliffhanger is in the works.

After eight hours of intense negotiations, Greece, EU creditors, and the IMF did not reach agreement on restructuring Greek Debt.

However, a big debt repayment does not come until July so negotiations will drag on and on. In the past, there was always a last minute deal. Will it be any different this time?

Bloomberg reports Greek Deal on Debt Relief Founders as Talks Stretch to June.

After nearly eight hours of talks and multiple draft compromises, Athens and its creditors couldn't reach an accord that would ease Greece's debt and that would convince the International Monetary Fund to agree to help finance the country's bailout.

The IMF has been seeking more debt relief for the country, pushing euro-area creditors to ensure the sustainability of Greece's 315 billion euros ($354 billion) of obligations before it participates in the program. Some nations including Germany object to a debt restructuring while also insisting that the Washington-based fund join the program to lend credibility to the bailout.

Greek and EU officials said that a proposed final compromise was considered too vague by the Athens delegation, which rejected the draft plan arguing it wouldn't bring sufficient certainty on the country's debt prospects.

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