Greece Faces Eurozone Bailout Judgement Day

Greek Finance Minister Euclid Tsakalotos (L), IMF head Christine Lagarde (M) and German Finance Minister Wolfgang Schaeuble on arrival for talks in Brussels.
Greek Finance Minister Euclid Tsakalotos (L), IMF head Christine Lagarde (M) and German Finance Minister Wolfgang Schaeuble on arrival for talks in Brussels.

Greek Finance Minister Euclid Tsakalotos (L), IMF head Christine Lagarde (M) and German Finance Minister Wolfgang Schaeuble on arrival for talks in Brussels.

Eurozone finance ministers on Saturday were set to give their verdict on Greece’s last chance bid for another bailout to keep its economy afloat and prevent it’s exit from the single European currency. IMF chief Christine Lagarde said she hoped for a “lot of progress” after the Greek parliament  backed leftist Prime Minister Alexis Tsipras’s new reform plan, aiming at a rescue worth more than 80 billion euros. Finance ministers from the 19 country eurozone are currently meeting in Brussels to review Greece’s proposals for market-oriented reforms in exchange for its third bailout since 2010. Tsipras’s package was approved by parliament in Athens in the early hours of Saturday, with the backing of 251 out of 300 deputies. It includes plans for a pension overhaul, tax hikes and privatisations. If approved, Greece could receive between 74 billion and 82 billion euros from its EU-IMF creditors, including 16 billion euros from the International Monetary Fund that is part of an old programme due to expire next March, sources close to the negotiations said. EU President Donald Tusk has said the 28-nation summit he will host in Brussels Sunday is a “last chance” for Greece and the EU to seal a deal. But Athens biggest creditor, Berlin, which has opposed parallel appeals for debt relief has remained tight lipped and said the outcome of Saturday’s talks was “completely open.” EU sources who asked not to be named also put the probability of a deal at no more 50-50.

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Chukwunonso Azinge is a Public health parasitologist whose variety of intrests ranges from international news reportage, writing articles on current world issues and of course football. Follow me on Twitter @azingelfc and on Facebook- Nonso 'King Kenny' Azinge.

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