AKIPRESS.COM - In a report Tuesday, the International Monetary Fund announced that creditors would have to go "far beyond" existing debt relief estimates to stabilize Greece's finances, Deutsche Welle reports.

The IMF's stark warning on Greece's debt came as Prime Minister Alexis Tsipras struggled to persuade deeply unhappy lawmakers to vote for a package of austerity measures and liberal economic reforms to secure a new bailout.

According to the IMF, EU countries will have to give Greece a 30-year grace period on European debt or else make annual transfers to the country's budget or accept "deep upfront haircuts" on existing loans.

"The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date – and what has been proposed by the ESM," the IMF reported, referring to the European Stability Mechanism bailout fund.

With opposition help, Greek legislators are expected to accept new credit-for-austerity measures on Wednesday. Prime Minister Alexis Tsipras has until Wednesday night to get the measures – a prerequisite for the 18 other eurozone lenders to begin formal negotiations on the package – adopted by the Greek parliament. The bill includes increases in value-added tax, pension cuts and vast privatizations.