By Mark Thompson, CNN Money
July 12, 2015
This much was clear Sunday: Greece won't get the massive bailout it urgently needs to stay in the euro unless it commits to much deeper economic reforms and shows it can deliver them.That was the message from European finance officials during a second day of frantic diplomacy Sunday on Greece's request for a new rescue.
Greek Prime Minister Alexis Tsipras, arriving for talks in Brussels with the leaders of the other 18 countries that use the euro, said he was ready to compromise.
Whether that will be enough to get the money flowing again soon, secure Greece's membership of the euro and allow its banks to reopen, remains unclear.
German Chancellor Angela Merkel cautioned that Sunday's talks would be "difficult, and there won't be a deal at any price."Europe and the International Monetary Fund estimate Greece needs between 82 billion and 86 billion euros ($96 billion) over the next three years, according to a document drafted by the finance officials. They have already lent Greece about 233 billion euros since 2010.
The document says the Greek government needs to go way beyond a reform proposal it submitted last week, by making much more profound changes to its pension system, energy, labor and product markets, and scaling up a program of privatization.
The talks follows an ultimatum Europe gave Tsipras this week: Show us you're serious about putting Greek finances in order, or you're out of the euro.Trust in Greece's commitment to reform was shattered by January's election of a prime minister fiercely opposed to austerity, and a series of government U-turns in the last two weeks — including calling a referendum to reject reforms it then signed up to days later.
Without agreement in principle to start talks on a bailout, the crisis in Greece will only deepen, dragging the country ever closer to exit from the euro.
http://cnnphilippines.com/business/2015/07/13/greece-new-bailout-96-billion.html
