November 27, 2012 / 1:02 AM / 5 years ago

IMF's Lagarde welcomes Eurogroup agreement to support Greece

WASHINGTON (Reuters) - 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 trajectory”.

Reporting By Lesley Wroughton; Editing by Paul Simao

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