The talks still continue but good news is on the horizon as yet another political party, the Democratic Left, has backed out of the Unity coalition.
Please consider Greece's moderate left says no government possible
The moderate Democratic Left party in Greece says it will not join pro-bailout parties in a coalition without the more radical far-left Syriza.
One phrase echoed from Brussels to Frankfurt and Washington as Greece’s creditors examined and then waved through the country’s new economic policies: “starting point.”
While the month-old government in Athens was praised for coming up with a workable package of measures including maintaining state-asset sales and collecting more tax, the European Commission, European Central Bank and International Monetary Fund all warned that action speaks louder than words.
Odds of a lasting coalition are slim given the massive vote against the austerity coalition. Fotis Kouvelis, SYRIZA party leader and second place finisher in the elections repeated his position that cooperation with New Democracy and PASOK was not in his intentions.
Moreover, Greece's Democratic Left party refuses to join any pro-bailout coalition.
Shortly after Dutch finance minister, said "We want no further delays" came news of further delays. The reason: Greek political parties all refuse to go along with more austerity measures.
Please consider Greece’s leaders oppose new austerity measures
It's difficult keeping up with the news. As soon as I finished Germany's "Time Pressure" Thesis; Noose Tightens on Europe, significant news on the debt standoff hit.ECB Cancels Acceptance of Greek Bonds as CollateralAn ECB press release today discusses Eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations.