Greece will get an extra two years to reach a budget surplus of 4.5 percent of GDP, a level that allows the country to put its debt on a downward path in a sustainable way, a draft agreement between Athens and the International Monetary Fund showed.
"Our revised fiscal program targets the 4.5 percent of GDP primary surplus target by 2016, two years later than foreseen in the EFF (agreement on the second bailout)," the draft letter of intent with the IMF said.
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"The smoother path will help to moderate the impact of fiscal adjustment on the economy," said the draft, obtained by Reuters. (Reporting by Matthias Sobolewski)