Obama to use Greece visit to argue for "meaningful debt relief"

Barack Obama's last foreign visit as president of the United States will be focused on cash-strapped Greece, and he said on Sunday that the country needs to receive "meaningful debt relief" in order to ensure stability in the eurozone.

The European Union is coming under increasing pressure following Britain's anticipated exit from the bloc, and Greece is still reeling from a debt crisis which has left its finances crippled.

Many European leaders have argued intensely about the correct manner in which to approach the Greek issue, but outgoing president Obama says it is clear that further relief is the only method which guarantees a return to prosperous times for Greece.

"I am a strong believer that to make reforms sustainable, people need hope," he told the Greek newspaper Kathimerini. "The International Monetary Fund has said that debt relief is crucial to put Greece's economy on a sustainable path and set the stage for a return to prosperity."

Other leaders have called for fundamental reform of economic legislation in Greece, but Obama added that this must be kickstarted with a nominal writedown. National debt currently stands at €330bn, 180% of its GDP.

"I will continue to urge Greece's creditors to take the steps needed to ensure the country is well placed to return to robust economic growth, including by providing meaningful debt relief," he said in the interview.

"Getting that done would not only fuel the Greek economic recovery, it would show that Europe can make its economy work for everyone."

Obama's visit will come at a time when he perhaps has the least power available to a president, known as the "lame duck period" while the newly-elected Donald Trump waits to take over.

Trump may not be so conciliatory towards Greece's debt problems when he moves into the Oval Office in January of next year, having espoused various isolationist policies during his election campaign.