BUSINESS

Greece's international creditors say risk-prone program may lead to missing 2020 debt target

03/20/2012 05:28 EDT | Updated 05/20/2012 05:12 EDT
BERLIN - Greece's international creditors say there are "significant risks" that the country might fail to bring down its debt burden and require more assistance loans.

In a document seen by The Associated Press, they say Greece's "ambitious" program of austerity measures and structural reforms to bring its debt burden to 116.5 per cent of GDP by 2020 "could be accident prone" because "authorities may not be able to implement reforms at the pace envisioned."

It says the program's balance of risks is leaning toward the downside scenario which would see debt falling to only 145.5 per cent of GDP by 2020 even after taking into account losses accepted by private creditors.

The AP obtained the debt sustainability analysis by the International Monetary Fund, the European Commission and the European Central Bank on Tuesday.