Greek bailout monitors expected to return to Athens despite tensions

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Greek bailout monitors expected to return to Athens despite tensions

"We need to apply the principles that we apply to all countries because we are lending global community money".

A united stance among euro zone governments and the International Monetary Fund is a breakthrough because they have differed for months on the size of the primary surplus Greece should reach in 2018 and maintain for years later as well as the issue of debt relief.

Income tax is the payment taken from people in employment which goes towards Government funded projects such as schools, prisons, police and the armed forces.

"We have been asked to help, but can only help at terms and conditions that are even-handed".

IMF Managing Director Christine Lagarde told Reuters in an interview earlier on Monday that the fund could not compromise its principles and cut a sweetheart deal for Greece.

"What comes out of it, we will see", the official said.

The new agreement would release a new tranche from its 86 billion-euro ($91.5 billion) bailout fund.

"We can not, just like that, bring a crisis to the recovery in Greece amid global uncertainty", he said.

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"They were only interested in crushing our government, making sure that there would be no such mutually advantageous agreement", says Varoufakis, who claims Greece was being used as a "morality tale" to scare voters in other European countries away from defying the troika.

Greece nearly exited the euro zone two years ago as it was wracked by its debt crisis and years of lender-imposed austerity that killed economic growth and put millions out of work.

Talks on Friday between Athens and its creditors failed to end the stalemate, though Eurogroup head Jeroen Dijsselbloem said substantial progress had been made.

Euro zone finance ministers are expected to discuss the issue in Brussels next week.

Some investors were anxious that a failure to reach a deal on what measures Athens needed to take to receive the next tranche of its third bailout programme before the next elections in various European countries might see it risk a default in summer.

An IMF report obtained by AFP on Monday said Greece's debt "is highly unsustainable" and "will become explosive in the long run".

The IMF insists Greek debt, which the Commission forecast on Monday would fall to 177.2 percent of GDP this year from 179.7 percent in 2016 and then decline again to 170.6 percent in 2018, is unsustainably high and that Greece must get debt relief.

Despite the disagreements, Fitch ratings agency estimated that the bailout review would be completed well ahead of July, when Greece faces big loan repayments.

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