http://www.sltrib.com/home/2438192-155/greece-bailout-deal-still-needs-significant
Excerpt:
Just two months ago, Greece secured an agreement from the eurozone to get the remaining money in its bailout fund — $7.7 billion — but only if it came up with a mutually agreed set of reforms. An end-of-April deadline was considered achievable and markets breathed a sigh of relief that the threat of bankruptcy and a Greek exit from the euro had been averted.
But with days to go until that self-imposed deadline, Athens hasn't even presented a full list as it haggles with representatives from the European Commission, the European Central Bank and the International Monetary Fund.
European officials are now talking of a new deadline of the end of June, when the European part of Greece's bailout program officially ends. How the country can continue to pay wages and salaries and meet its debt commitments, notably to the IMF, in that period remains sketchy.
The decision this week by the Greek government to scrape together spare cash from municipalities and state enterprises like hospitals and the national gallery is likely to buy it some time. The move could, according to independent estimates, rake in $2.14 billion, which would cover its debt payments in May.
Dijsselbloem conceded there had been a step-change in Athens' appetite for discussion over the past few days but that "significantly more progress" was required from Athens. He spoke of "wide differences" between the sides, without specifying where the problems lay. He also ruled out that the creditors might consider a half-way deal that could give Greece part of the pending rescue loans.
Greece's Varoufakis sought to portray the discussions in a more positive light.
"We look at the last few weeks and what we see is convergence," he said, noting progress on issues such as privatization, reforming the tax system, the judiciary, the bureaucracy and product markets. A deal will happen, he added, "and will happen quickly as it's the only option we have."
Varoufakis said the main sticking points related to pensions and the level of the budget surplus Athens has to post after debt and interest payments are stripped out — a higher level means less money would effectively mean the government has less money spending on its priorities.
"This is a European family that needs to work out its difference in a collegiate manner," said Varoufakis.
All sides agree that the clock is ticking — a notion expressed repeatedly by officials at the meeting here.
The next possible date for a deal could be May 11, when eurozone finance ministers will meet next and just one day before Greece owes a big payment to the IMF.
Greece has relied on 240 billion euros-worth of bailout funds since May 2010 after it was effectively locked out of international bond markets when investors thought a default was on the cards.
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