IMF

Even public creditors will have to waive part of their outstanding payments. Otherwise, the target that eurozone finance ministers and the IMF have now agreed to—a lowering of Greece’s public debt to 124 percent of GDP by 2020—will not be attainable, says DGAP economic expert Claudia Schmucker. But the German federal government will avoid an unpopular debt write-off before the 2013 federal elections.