Until we see the details of the new proposal from Athens, which is due to be delivered to Greece’s European creditors by midnight on Thursday, it is hard to assess the chances of a face-saving deal that would keep the country in the eurozone. The outlines of a possible compromise are already emerging, however. In exchange for Greece promising to introduce more spending cuts and start implementing structural reforms to its economy, the creditors would agree to a new bailout that includes the prospect of debt relief.
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