The Key Battles of the Greek Bailout Saga

Greece's dramatic bailout negotiations will soon be coming to a head one way or the other. Although the Greek government has been painstakingly throwing a veil of uncertainty and misinformation over its real financial and fiscal position, most pundits would agree that state coffers are running bare and that, absent an interim, piece-meal, or final bailout agreement, Greece will not be able to pay off the consolidated IMF loan tranches coming up at the end of June. The government's finances have been stretched to their limit by dint of an internal payment moratorium and a raid on the cash reserves of local governments and pension funds.

With Negotiations Reaching an Impasse, a More Radical Approach is Needed to Solve the Greek Debt Crisis

In February, Greece agreed to a four month extension of its current bailout programme, subject to the approval of reform measures proposed by the Greek government. As yet, however, the country’s creditors have still not reached an agreement over the reforms which have been put forward. Tough negotiations ahead, the piecemeal approach which has so far been adopted by Eurozone governments during the crisis is becoming increasingly unsustainable.