IMF calls for debt relief as part of Greek bailout

On Tuesday, the International Monetary Fund said if European leaders don't agree to significant debt relief for Greece, the fund would reverse its support for the country's bailout.

The IMF will play a critical role in a Greek bailout, since it will provide funding and supervise the country's compliance with the terms. A senior IMF official asking for anonymity told reporters that a new bailout "would have to meet our criteria," with one being "debt sustainability," The New York Times reports.

In a report released publicly Tuesday, the IMF proposed having creditors let Greece write off part of its more than €300 billion debt, or at least not have to make payments for 30 years. Prime Minister Alexis Tsipras has argued that if Greece's debt remains high, it will continue to stifle the economy, but creditors like Germany, the Netherlands, and Finland are reluctant to provide additional debt relief.

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