Wednesday, February 25, 2015

After approval of bailout plan, Greece under pressure to deliver

by Christine Pirovolakis

German Press Agency (DPA)

February 25, 2015

A green light by the eurozone to a list of proposed reforms by Greece needed in return for continued loans means its new leftist government has its work cut out in the coming weeks trying to deliver on its promises.

The reforms, approved by eurozone finance ministers, to extend the European share of Greece's bailout by four months, has gained the country a "few weeks of breathing space," according to a finance ministry official.

But the government, led by the leftist SYRIZA party, faces months of difficult negotiations with its creditors over how to ease its unsustainable debt after securing a temporary lifeline on Tuesday that wins Prime Minister Alexis Tsipras time until the end of June.

"The main objective of SYRIZA now has to win the international confidence battle. If it does so, creditors will trust it and will possibly consider to provide further financial assistance after June," said George Tzogopoulos, a political analyst at the Hellenic Foundation for European and Foreign Policy (ELIAMEP).


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