Negotiations between Greece and its lenders finally got off to a start last week, but their outcome is uncertain although both sides have vowed to do their best to clinch a deal by the end of April. The road ahead will be rocky as the government seeks a compromise in the context of a political solution with some technocratic backing. However, the deterioration in underlying economic conditions could make even this compromise difficult to reach unless the lenders and Germany in particular are willing to make concessions.