Posted by
Rebecca Harding on Feb 23rd 2015,
A deal was
done at the last minute: Greece ’s
€172bn debt bailout was extended for a further four months after a turbulent
week of bluff and counterbluff. Even now, there are no formal agreements on the
required reform process ahead and without these agreements the deal will not be
ratified. It appears that the Greek government is keen to demonstrate its
willingness to reform by focusing on tax evasion and civil service reform, but it
is unlikely that this will be sufficient for either Germany or the ECB.