In Brussels, Eurozone leaders are trying hard to thrash out a deal for Greece. Its reported that a draft compromise has been put to the emergency summit in a bid to agree on terms for a new bailout for Greece.
The Draft proposals of eurozone finance ministers include:
- Reforms set out by Greece to be ratified by parliament by Wednesday, 15 July
- “Ambitious” reforms to pensions and labour markets
- International creditors to work on the ground in Athens and have full oversight of draft legislation
- Possible transfer of €50bn in “valuable” Greek assets to external fund for eventual privatisation
- Possible talks on “swift negotiations on a time-out from the euro area, with possible debt restructuring” if a bailout is not agreed
Without a new bailout, Greece’s banks face collapse and the country could exit the euro. Even if this draft document is agreed, it would be an extremely difficult pill for Greeks to swallow. But time is running out to prevent Greece’s economic collapse.