Maybe, just maybe, it won’t go down to the wire again.
Greece’s creditor institutions could make an assessment on the country’s eligibility for new bailout on Friday, after the country on Thursday submitted its proposals. The Eurogroup of finance ministers will meet Saturday, and if they like the plan, there may be no need for European leaders to meet Sunday.
Sunday, of course, is Greece’s deadline to reach a deal with creditors.
Deadlines have come and gone, and Greek voters on Sunday delivered a resounding “no” in a referendum on creditors’ demands for more pension cuts, tax increases and other austerity measures.
But Greece has to pay the European Central Bank 3.5 billion euros ($3.8 billion) on July 20, and missing this payment could cut off its last lifeline — emergency funding for its banks.
One question will be how sustainable any plan will be for Greece. Now the International Monetary Fund says Greece may need even more debt relief and other help than it estimated less than a week ago.
Another hurdle is the verdict by the Greek parliament, expected later Friday.
Meanwhile, the Greek stock market is closed for the rest of the week, as are the country’s banks. Both have been closed since June 28.
Here are the latest developments on Greece:
This is the timetable for deciding Greece’s fate in the euro
Verdict on Greece’s bailout prospects could come Friday, says eurozone official
Greece gives up ground to creditors in new proposal
Greece may need more financing than IMF estimated
6 stocks that will benefit as Greece stays in the eurozone
