Varooufakis said he would rather cut off an arm than sign an agreement without debt relief. He said this view is shared by the US government and the IMF.
And now, the IMF came out with a new report saying a large scale debt relief is needed and also 50 billion euros. Europe would have to forgive €53 billion for debt to be sustainable. Will Merkel agree? This has been a sticking point.
Read the rest of the article IMF admits Greece will need large scale debt relief + €50 billion – Will it trigger new talks?