Greece has been told by eurozone leaders to enact reform this week or bailout talks cannot proceed.
Athens is seeking an immediate loan from its 18 eurozone partners to avert a looming bankruptcy and restart stalled talks on a third bailout estimated at 86 billion euros (US$95.5 billion).
Reuters is reporting that six key measures including tax and pension reform must be enacted by Wednesday night and the entire package endorsed by parliament before talks can start.
The document included a German proposal to make Greece take a “time-out” from the eurozone if it fails to meet the conditions.
But not all ministers endorsed the idea, which a senior EU source said was illegal and would not survive in the summit statement.
Greece Prime Minister Alexis Tsipras said wants “another honest compromise” to keep Europe united.
But German Chancellor Angela Merkel, whose country is the biggest contributor to eurozone bailouts, said the conditions were not yet right to start negotiations, reflecting mounting opposition at home to more aid for Greece.
If Greece meets the conditions, the German parliament would meet on Thursday to mandate Merkel and Finance Minister Wolfgang Schaeuble to open the talks on a new loan, according to Reuters.
Then Eurogroup finance ministers would meet again on Friday or at the weekend to formally launch the negotiations.
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