The Greek government’s hope for a political solution and a staff-level agreement on the program review by the end of May is looking increasingly unlikely. To the extent that a piecemeal approach to an agreement is not accepted by the creditors, negotiations may drag on even longer and a way has to be found to bridge temporary funding gaps in early June and beyond to avoid a default. Tangible results on value-added tax (VAT) reform and a couple of other issues could help provide the ground for lengthier negotiations and some form of temporary funding.
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