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January 14, 2014 AT 7:26 AM
Greece expects the euro zone to provide some debt relief to Athens later this year but the impact on its vast liabilities will be little more than symbolic. The magic bullet for Greece would be the writing-off of some portion of the 240 billion euros in loans it has received from the euro zone since 2010. But Athens is adamant it does not want that and the euro zone is not willing to provide it. Instead, what Greek officials seek is some combination of at least three measures: a further lowering of interest rates on existing loans, an extension of the maturities and pay-back schedule, and some relief on financing EU structural funds.