3) Restructure debt: Here’s where the battle really begins. Greece’s new guard wants austerity measures such as tax hikes and government spending cuts to be revised. But the country’s international lendersthe IMF, the ECB and the European Commissionare unlikely to soften their debt terms without major concessions.
Greece accepted its first bailout in 2010. Since then it has received €240 billion ($277.8 billion) in emergency loans. The high-stakes negotiations will hinge on hardline parties from both sides — in particular Germany — giving up ground. German taxpayers fear they’ll be forced to bear the brunt of the losses if Greek debt is forgiven.
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