Eurozone finance ministers to decide on Greek bailout in an emergency session meeting

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A lot of it depends on whether Germany has enough confidence that Greece will stick to the terms of three-year package and that the International Monetary Fund will also pool in its own finances in the plan. Some ministers in the Eurozone needed assurances that the IMF will join them in the plan and would overcome its concern about the ability of Greece to repay its loans and would join the Eurozone in the rescue efforts by October. Germany would also prefer to see the participation of IMF in the bailout plan as the IMF has been participant in two previous Greek bailouts. However, IMF has said that they will not provide any new loans to Athens until Eurozone lenders have come up with a plan to offer some sort of debt relief for Greece.

The negotiations in the early stage were futile as the Prime Minister refused to agree to any of the terms that were previously put forward by the other finance ministers of the Eurozone. But in the recent weeks, Mr. Tsipras has agreed to a number of measures he had resisted earlier, including tax increase and cutting government spending, as such the negotiations phase has accelerated. The final verdict will be given after the meeting which is something that Greece will be waiting for with bated breath.