A senior European Union official told Reuters that there is a 20 to 30 percent chance of success for the three year European Stability Mechanism bailout program that Greece and its international creditors will begin negotiating.
Greece and its creditors agreed on the conditions of a bailout deal in Brussels on Monday, July 13, and the Eurozone governments have been authorized to begin negotiations to finalize this deal.
However, the anonymous EU official, who also helped make the deal, is pessimistic about the performance of the program.
“When I look at the next two to three years, the next three months, I see only black clouds,” he said and added “All we succeeded in doing was to avoid a chaotic Grexit.”
Reuters argues that the challenges of finalizing the deal will reappear by August or September and notes that by then the Greek economy could be in an even worse condition than it is today.
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