BLUF: [Telegraph] The IMF said the Europeans will either have to offer a "deep upfront haircut" or slash the debt burden by stretching maturities and presumably by lowering interest costs. "There would have to be a very dramatic extension with grace periods of, say, 30 years on the entire stock of European debt," it said.
Debt forgiveness alone would not be enough. There would also have to be "new assistance", and perhaps "explicit annual transfers to the Greek budget".
Europe "stunned" by socialism and IMF statist solutions ?