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With Greece admitting it doesn’t have the money to make repayments to the IMF, will debt relief have to be an essential part of any rescue deal? Everybody knew it, but Athens’s stark admission yesterday that it simply does not have the money to make a €1.6bn repayment to the International Monetary Fund at the end of the month underlined just how close the country has come to bankruptcy. For all its defiant swagger, the radical Syriza government simply cannot pay the hefty debts Greece incurred when it was bailed out by the IMF and its European neighbours.


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