Greece is either closer to deal with its possible saviors–EU and IMF lenders private bondholders–or further apart. It depend on which account one reads.
The southern European nation is still engaged, in a panic, with private debt holders, which it has asked to take 30 cents on the dollar for their bonds. “inspectors” from the EU and IMF have spent time in the country examining its budget and effectiveness of austerity measures.
But, Greek unions have taken to the streets and have rejected plans to cut pay and benefits. Some members of Parliament have been tempted, apparently, to break with the ruling coalition to save themselves with voters.
On the brink of bankruptcy, Athens must wrap up talks with foreign lenders on the bailout and get political approval for it soon to ensure funds begin flowing in time for the country to pay back 14.5 billion euros of bonds falling due in mid-March.
But negotiations with its ‘troika’ of international lenders have struggled over their demands that it cut labor costs by axing holiday bonuses and lowering the minimum wage – proposals strongly opposed by Greek political party leaders.
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