Greece has been asking for more time to implement reforms and budget cuts — hoping that a slower pace will release the stranglehold such cuts have on the economy. The country is in a deep recession heading into its sixth year, with more than a quarter of Greeks unemployed.
Without growth, Greece can’t ever hope to collect enough in taxes to put a dent in its debts.
But easing up on the timeline will cost more money, and politicians in other countries are nervous they won’t be able to sell that to voters. Some countries are also irritated that Greece has consistently missed the deadlines set for it.