loans to Greece are about to become gifts to Greece.

Lost in all the excitement on the US GDP numbers, the IMF reported that Greece’s bailout needs an additional €11 billion, half of it before year-end. In addition, the IMF says Greece must be relieved of debts about €7.4B to eurozone governments with the next two years.
Yes. This means loans to Greece are about to become gifts to Greece. 

European leaders have insisted on no more funds for Greece until April 2014 but the IMF may now withhold its funding unless the shortfall is closed by late September. That could cause problems for Merkel with Germans heading to the polls on Sept 22.