IMF: Measures to cut Greek debt need to be meaningful

<p>An IMF spokesman has said cuts to help Greece manage its debt need to be meaningful.</p>

Measures on the table to make Greece's debt burden more sustainable need to take the pressure off the debt-addled nation.

This is according to a spokesman from the International Monetary Fund (IMF) commenting as creditors discuss ways to unfreeze the Greek bailout package.

The combination of Greece's political indecision and economic weakness over the last few months has prevented the country from meeting its debt target of 20 per cent gross domestic product by 2020 from a peak now anticipated at 192 per cent in 2014.

"Our view is that there are many options to help reduce Greece's debt burden and they should be considered," said Gerry Rice from the IMF.

The Greek government has warned that the nation will run out of money in November unless it is granted its €31.2 billion (£25 billion) in emergency funding.

At start of play this morning (November 2nd), the main eurozone stock indices were higher, with the French Cac 40 gaining 0.5 points to 3475.9 points and the Dax climbing by 0.1 per cent to 7342.8 points.

Find out about the eurozone and CFD trading at City Index.

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