James Athey, a fixed income investment manager at Aberdeen Asset Management, said the International Monetary Fund’s worrying verdict on the southern European country made current debt talks “more uncertain” than during previous bailouts.
Speaking on CNBC, Mr Athey said in the past Greek politicians had been forced to take a deal when their backs were up against the wall but this time it could be different.
He said: “I don’t think we’ve had a huge amount of news and information which gives us much reason for optimism other than comparison with history where we’ve had these instances before.
“As Greece is pushed closer and closer to the edge of the cliff, the politicians there tend to favour acquiescing to whatever demands are on the table.
James Athey said the IMF's stance made current talks "more uncertain"
The politicians there tend to favour acquiescing to whatever demands are on the table
“I guess the IMF’s concern about involvement and debt write-off or restructuring this time makes it a little more uncertain than some of the previous episodes.”
The Washington-based IMF has said troubled Greece could buckle under the weight of its debts, which it described as unsustainable over the longer term.
Public debt is predicted to reach an eye-watering 181 per cent of GDP this year, amid fears the country's fragile situation could again spiral into crisis seen over the summer of 2015.
The mounting debt crisis in the south European country has sparked fears the euro is close to collapse. Greece is due to repay around £6 billion to its creditors in July.
Mr Athey added Greece needed support from the IMF, European Commission and European Central Bank – previously referred to as the Troika, which has monitored the eurozone debt crisis.
He said: “That is the period that we’re talking being concerned about, July, there’s a lot of money that’s due from Greece to the ECB to some of the private creditors, the holdouts.
“Something in the region of 6 to 8billion (euros) that needs to be paid back and they really don’t have the funds to pay that without some funding from the Troika as they used to be called.”
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Greece's biggest creditor Germany is against writing off money owed, until the country meets its the terms of its current bailout agreement.
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Yet Athens is set to fail to meet the strict longer term economic targets put in place by creditors under the rescue programme, the IMF said.
But former European Union chief Martin Schulz, who is campaigning to become the new German chancellor, believes letting Greece leave the bloc would be “absolutely negligent”.
The leader of Germany’s Social Democrats (SPD) – the other half of Chancellor Angela Merkel’s coalition government – has undermined the German leader by supporting Greece remaining in the eurozone.
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