Wall Street Journal
February 6, 2012
Greece’s political leaders remain locked in marathon talks to overcome differences and seal a package of painful reforms that are a prerequisite for a new bailout agreement the country needs to avoid default.
Faced with a tight deadline on March 20 when a €14.4-billion bond comes due, Greece and its international creditors are fast running out of time to wrap up the deal, which also includes a €100 billion debt write-down plan with private-sector creditors.
Between now and then, several pieces need to fall into place as a tentative timetable revealed last week.
The talks are fraught with difficulties, as the various key players so far stand firm by their positions.
Greece’s euro-zone partners insist that the country must commit to tough austerity measures and deep reforms to receive further aid. Greece is arguing that more measures will simply push the country further into recession and widen the budget deficit.
At the same time, there are already signs that the private-sector debt restructuring doesn’t go far enough and more funds will be needed to bring Greece’s debt back to sustainable levels.
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