The European Union will need to provide significant debt relief for Greece if it is to persuade the International Monetary Fund to put its financial clout behind the country’s third bailout package, the Washington-based organisation has said.

The refugees issue is a European problem which needs to be dealt with collectively, Prime Minister Alexis Tsipras on Thursday said in his intervention at a panel within the framework of the World Economic Forum in Davos.

Prime Minister Alexis Tsipras said investor trust in the Greek economy is returning as the country’s asset-sales fund announced the privatization of the port of Piraeus, he said.