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Greek debt crisis live: IMF slams EU for bailout

Greek debt crisis live: IMF slams EU for bailout - The International Monetary Fund (IMF on Tuesday came down heavily on eurozone leaders for offering a new bailout deal to cash-strapped Greece.

The international lender said the public debt of Greece had become "highly unsustainable" and it needed relief from its debts.

The IMF came up with options including writing down the debt - a move most fiercely resisted by creditors. The Greek parliament is required to pass four pieces of legislation on Wednesday as part of the conditions laid down by the eurozone leaders after hours of negotiation in Brussels on Monday.

The measures are face to tough test in Parliament as they were snubbed even by Prime Minister Alexis Tsipras' own MPs. The measures include taxation increases and pension curbs.

Greece owes about 10% of its debt to the IMF. It has missed two deadlines for repayment to the fund becoming the first developed nation to do so.

The IMF analysis released on Tuesday night pointed to Greek government debt reaching a peak of close to 200% of GDP or national income over the next two years, which it called "highly unsustainable".

Tsipras said in an interview on Tuesday that he did not believe in the bailout offered but was willing to implement it to "avoid disaster for the country" and the collapse of the banks.

The conditional agreement to receive up to EUR 86bn from the EU over three years depends on further economic reforms.

It is feared that hard-liners in Tsipras' own Syriza party may rebel against the deal and the junior coalition party, the Independent Greeks, have offered only limited support for the reforms