WASHINGTON Nov 26 The head of the International
Monetary Fund on Monday welcomed a European agreement to cut
Greece's debt pile to 124 percent of gross domestic product by
2020, calling it a "substantial contribution to the
sustainability of its debt."
IMF Managing Director Christine Lagarde said in a statement
she would recommend the IMF board approve the next loan tranche
for Athens once Europe has delivered on its commitments, in
particular promises to buy back Greek debts.
She said the agreement, which includes further reducing
Greece's debt stock to 110 percent of GDP by 2022, "represents a
major debt reduction for Greece relative to its current debt