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Greek debt back on sustainable path: IMF

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BRUSSELS, Nov 27 AFP

November 27 2012, 12:37AM

Greek debt is heading back towards a "sustainable" path, IMF head Christine Lagarde says after a deal to ease the long-term repayment burden and start releasing long-blocked loans in December.

"The IMF wanted to make sure the euro partners would take the necessary actions to bring Greece's debt on a sustainable path," Lagarde told a press conference after 13 hours of talks in Brussels that paved the way for a writing down of some Greek debt. "I can say today that it has been achieved."

The eurozone said on Tuesday it will be in a position to re-start the paying out of 43.7 billion euros ($A54.63 billion) in loans to Greece from December 13.

A statement after 13 hours of Eurogroup talks gathering finance ministers, the IMF and the ECB said would be paid in four instalments through until the end of March, but conditional on the implementation by Athens of tax reforms agreed with creditors.