Meetings continue in Brussels between Greece, creditors, and the rest of Europe

In brief, from a draft decision sent to leaders from Eurogroup finance ministers, this where we are currently:

  • Euro zone leaders want Greece to enact key reforms this week before they will open talks on any new financial rescue
  • The Greek parliament will need to approve legislation by July 15
  • Once done, funds can be released to avert Greek bankruptcy
  • Negotiations would then begin on a third bailout programme
  • There are six measures (including tax & pension reforms) that would need to be enacted by Wednesday night

Note - a German proposal to give Greece a "time-out" from the euro zone if it failed to meet the conditions for a loan is also on the table ... but this was not endorsed by all of the finance ministers.

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