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.
ATHENS: Greece and its creditors resumed talks in Athens on Sunday with both sides indicating that the terms of a third bailout will be finalised in short order. The finance and economy ministers, Euclid Tsakalotos and Giorgos Stathakis, were back at the negotiating table with the ECB, the International Monetary Fund and the European Stability Mechanism at 3:00 pm (1200 GMT).
ATHENS: It was a small room with a plain wooden table a few feet wide. The Greek Prime Minister Alexis Tsipras sat on one side, along with a translator and Angela Merkel, the German chancellor. On the other sat President Francois Hollande of France; around were a handful of officials. In this modest Brussels setting last Friday morning, key players in the great Greek debt drama tried to avert a meltdown that could threaten the future of the euro and even the European Union (EU).