Greece With Plenty More Work to Do

Greece still has more to prove before it can restore the trust of its fellow euro zone countries and get funds it desperately needs to stave off calamity, with euro zone officials telling CNBC on Sunday the country will need far more money than originally believed.

Since it first fell into dire economic straits in 2010, Greece has already been bailed out to the tune of 240 billion euros ($267 billion), and last week asked for an additional 53.5 billion euros. However, euro zone sources told CNBC they estimate that Greece will need a further 82 billion-86 billion euros.

In spite of winning an anti-austerity mandate in a referendum last weekend, Greece’s left-wing prime minister, Alexis Tsipras will have to push through legislation for sweeping cuts and reforms through parliament by July 15.

CNBC

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