Greek leaders have failed to make enough progress on reforms aimed at bringing down their monstrous debt after multi-billion pound bailouts last summer. And now begging Athens chiefs have reached stalemate in negotiations with creditors to decide how to claw back financial stability.
The three main lenders – the eurozone, the European Central Bank and the International Monetary Fund (IMF) – all have different ideas on how much the country should lower spending as part of the bailout programme agreed last August. Germany is taking a hard-line and refusing to give Greece more time to reach budget goals agreed with international lenders as part of August’s bailout programme, despite the country struggling to deal with the migrant crisis. The IMF is thought to be in favour of debt-relief, which is Greece is also desperate to secure in order to help it back to economic growth. READ MORE