Este parráfo es el que ha levantando ampollas:


The dramatic deterioration in debt sustainabi
lity points to the need for debt relief on a
scale that would need to go well beyond what
has been under consideration to date—and what
has been proposed by the ESM. There are several options. If Europe prefers to again provide
debt relief through maturity extension, there wo
uld have to be a very dr
amatic extension with
grace periods of, say, 30 years on the entire st
ock of European debt, including new assistance.
This reflects the basic premise that debt canno
t be assumed to migrate back onto the balance
sheet of the private sector at interest rates clos
e to the current AAA rates before debt levels have
been brought to much lower levels; borrowing at
anything but AAA rates in the near term will
bring about an unsustainable debt dynamic for th
e next several decades. Other options include
explicit annual transfers to the Greek budget or
deep upfront haircuts. The choice between the
various options is for Greece and
its European partners to decide.

Pueden leer el informe completo en este enlace:

www.imf.org/external/pubs/ft/scr/2015/cr15186.pdf