Many of its partners, led by Germany but including countries from across the region, say they are willing to talk about making the burden less onerous. However, they insist that Greece stick to the reform program it signed up for in 2010 in return for 240 billion euros in international assistance.
The German government, and some others, will need to win parliamentary votes on any change to the Greek bailout program. Others, such as Ireland and Portugal, have swallowed the eurozone medicine and are on the mend. They argue Greece needs to complete the course too.
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“All things considered, we believe that a Grexit would not lead to a degree of direct contagion that would drive other sovereigns out of the euro, not least because the eurozone rescue architecture is more robust than during the last Grexit scare in 2012,” said Standard & Poor’s credit analyst Moritz Kraemer.
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