Eurozone finance ministers gathered earlier this week in a desperate bid to avoid a Greek default, but also the global financial fallout such a scenario would entail.
The main thing to come out of the talks is that Greece has two weeks to adopt another austerity plan in exchange for more international aid.
Euronews spoke to the man now temporarily in charge of the IMF, John Lipsky.
Euronews: What do you think about this political agreement today: is it enough to avoid Greece defaulting?
John Lipsky: Well, it’s certainly a clear step forward, but the focus of course is on the actions of the Greek authorities who will in the coming days put before Parliament the specific legislation that will bring to life the very ambitious commitments that they have made on structural reforms, and fiscal adjustment that is intended to restore the competitiveness of the Greek economy, necessary to produce economic success in the euro area.
euronews: ‘‘There is a kind of a reform fatigue in Athens, in the streets of Athens, what kind of message would you like to send to the Greek population?’‘
John Lipsky: ‘‘The issues of debt and deficit are secondary to dealing with this underlying structural problems, but if they are dealt with successfully they will produce a future for the Greek economy that will bring satisfaction to Greek people and their partners.’‘
euronews: ‘‘If they fail to fulfil these engagements, there is no plan B?’‘
Lipsky: ‘‘We are working on a success….