Eurozone finance officials are examining ways of delaying parts or even all of a second bailout programme for Greece while still ensuring it avoids a disorderly default, several EU sources said on Wednesday. The delays could possibly last until after Greece holds elections expected in April, they said, although it depends to what extent Greek political leaders make firm commitments on further spending cuts and labour reforms unpopular with voters.
While most elements of the package, which will total 130 billion euros, are in place, some Eurozone finance ministers are not satisfied that all Greece's political party leaders are fully behind the reforms and so want legal guarantees. It is also not clear that Greece's debt-to-GDP ratio, which currently stands at around 160 percent, will be cut to 120 percent by 2020 via the agreement, as demanded by the 'troika' of the European Commission, IMF and European Central Bank.