Greece Runs Low of Time, Money, and Options - Sophia Davison

    As Greece reels out desperate measures and minimal possibilities for current and future financial and economic stability, Eurozone has developed more and more of an aversion towards loaning more of the financial aid partially agreed upon to the country. The money paid towards financial aid and stability for Greece approaches repayment time, and as the Greek financial minister Yanis Varoufakis said in the numerous meeting held in the past few days, Greece is not in a position currently to pay back the loans. This causes many more issues and concerns for what lies in store for the country. 

"European Central Bank President Mario Draghi said the ECB would go on allowing emergency lending to Greek banks as long as they were assessed as solvent. But he cautioned that soaring Greek government bond yields were diminishing the value of the collateral that the banks present to get funds."

Major pressure is now upon Greek heads of state to figure out new plans and come up with emergency reforms that are satisfactory to Eurozone's leaders. The past few plans presented have been rejected and given necessary revisions/requirements in order for new plans to even be assessed by Eurozone. The meetings held actually accomplished little, just redefining terms of reform for aid for the millionth time. Unfortunately, these meetings did cause for some new strategies by the Greek government in immediate management of money, as "more wage or pension cuts and said creditors must agree on a realistic target for the primary budget surplus before debt service.

"'Our government is eager to rationalize the pension system (for example, by limiting early retirement), proceed with partial privatization of public assets, ... create a fully independent tax commission,' Varoufakis said." 

By now sacrificing a campaign promise of the minister, Greece will not be raising the minimum wage as said, which only deepens the crisis of the civilians whose livelihood and survival depend upon these long, drawn-out, yet seemingly ineffective meetings that are being held. The only solution to this problem is to draw up concise, managed, and requirement-filling reform plans, presenting them to the Eurozone managers, and smart money decisions here after. 

"We agreed that an agreement will be difficult but it will happen and it will happen quickly because that is the only option we have." 

http://www.reuters.com/article/2015/04/24/us-eurozone-greece-idUSKBN0NF0BJ20150424