Greece needs €100bn debt relief as permanent depression looms

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National Institute of Economic and Social Research says Greek debt write-off must be much larger than IMF demands, as think-tank warns VAT hikes and budget targets are asphyxiating economy

Greece needs a debt write-down of almost €100bn (£70bn) if the country is to stand a chance of clawing its way out of a “prolonged and severe depression”, according to a leading think-tank.

In a stark analysis, the National Institute of Economic and Social Research (NIESR) laid bare the impact of VAT hikes and strict budget targets that it said could become “self-defeating”.

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