Despite making up one third of the demonised 'troika', the International Monetary Fund has spoken out in favour of Greece.

In the wake of the marathon negotiations which will see the eurozone lend more money to Greece in return for a raft of economic reforms and further public spending cuts, the IMF has said a debt relief deal should be agreed instead.

It said in an analysis on its website that was initially leaked to Reuters, that Greek debt, which it projects will soon hit 200 per cent of its GDP, has become "highly unsustainable".

Greece’s debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far.

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