Late last week, Greece submitted the third iteration of the list of proposed reforms demanded by eurozone finance ministers as a pre-condition for the payment of the outstanding tranche of €7.2bn from Greece’s second bail-out. However, the list has been dismissed as “a set of ideas” by some euro-zone officials, who are reportedly awaiting a more comprehensive and detailed version in the next few days. Greece is running out of time to produce a list of reforms that will satisfy its creditors and secure the additional bail-out payment it requires to meet its near-term financial obligations. But even if it is successful, the much more daunting challenge of finding a lasting solution to the country’s unsustainable debt burden will still lie ahead.“Even if Greece manages to secure its remaining bailout payment, this will provide nothing more than a stop-gap, and a short one at that. The much bigger challenge of finding a lasting solution to Greece’s debt problems will still lie ahead. We continue to believe that only a major debt write-down can ultimately provide that solution, a prospect Greek Prime Minister Alexis Tsipras has recently begun to talk about again. But it remains doubtful that this will be achievable as long as Greece remains inside the euro.In short, we maintain the view that the markets are under-estimating the likelihood that Greece leaves the euro at some point, and the potential financial and economic effects of such an event.” – said Capital Economics in a report on Monday.

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