Greece warns of 'devastating results' without debt relief
ATHENS, Greece – Europeans lawmakers supportive of Greece's left-wing government are urging the European Commission to act swiftly on debt relief for the bailed out eurozone member, warning that delays would produce "devastating results" for its economy.
In a letter Thursday to EU Finance Commissioner Pierre Moscovici, 36 lawmakers from Greece's ruling Syriza party and European allies parties urged the EU to press eurozone bailout lenders to start negotiating new terms on the whopping 315 billion euro ($347.5 billion) Greek national debt. That would entail longer maturities and a smoother repayment schedule.
Creditors are committed to improving terms, but lead eurozone lender Germany and the International Monetary Fund are at odds over the urgency, with several eurozone members arguing Greece already has generous repayment terms and has delayed vital structural reforms.