In its official report on Greece’s debt, the International Monetary Fund (IMF) concludes that Greece has made significant progress in reducing macroeconomic imbalances since the beginning of the crisis; however, fiscal consolidation and internal devaluation have led to reduced incomes and greater unemployment, meaning that the social cost is high. Greece’s debt is described as highly unsustainable and the IMF suggests a relief, to avoid any further drastic measures. However, the report does not specify whether the IMF will continue to participate in Greece’s bailout program.

On his part, ECB President Mario Draghi stated that the sustainability of Greece’s debt and the conclusion of the bailout program review are prerequisites for Greece’s inclusion in the quantitative easing (QE) program.