To help bring it down, euro zone finance ministers agreed in November 2012 that they would "consider further measures and assistance, including inter alia lower co-financing in structural funds and/or further interest rate reduction of the Greek Loan Facility, if necessary, for achieving a further credible and sustainable reduction of Greek debt-to-GDP ratio."
The condition was that Greece had to reach an annual primary surplus -- now met -- and fully implement reforms agreed on with international lenders.
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The debt relief for Athens is to ensure that by the end of the International Monetary Fund lending programme to Greece in 2016, the country can reach a debt-to-GDP ratio in that year of 175 percent, falling to 124 percent in 2020 and substantially lower than 110 percent in 2022.
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