Greek Leaders in Italy to Discuss Debt Payments
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iStock/Thinkstock(ROME) — The new leaders of Greece are in Rome to drum up support for more flexibility in paying back debt.
Greece has $350 billion in debt — almost twice its gross domestic product, making it the worst-in-debt country in Europe.
Its finance minister is meeting with his Italian counterpart to get support for a plan that would buy more time for recession-hit countries such as Greece and Italy to pay off their debts.
Greece is proposing something called “debt swaps” that would help move the hard-hit countries from an austerity regime championed by Germany, to a situation that favors investment and growth.
That’s something even President Obama has endorsed, who warned against “squeezing” the already struggling Greek economy.
Right now, Greece’s debt repayment and economy are monitored by the troika of the International Monetary Fund, European Commission and European Central Bank.
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