EU and IMF battle to reach a deal on Greek debt to meet all needs

The EU and the IMF were last night trying to square the circle on Greek debt to meet the needs not just of Athens, but of German politicians and the international members of the IMF.

Greece is waiting for them to reach agreement so they can release up to €44bn of the loans already agreed but held back when Athens failed to reach the targets set out in its programme.

The IMF insists the level of Greek debt must be below 120% of GDP by 2020 — otherwise it will not be considered sustainable.