"The situation is getting more problematic for Greece day by day"
- Michael Meister, the deputy floor leader and finance spokesman in parliament for Chancellor Angela Merkel's party
Greece leaders gathered on Wednesday to agree on a reform deal in return for a 130 billion euro bailout from the European Union and the International Monetary Fund.
"The situation is getting more problematic for Greece day by day," said Michael Meister, the deputy floor leader and finance spokesman in parliament for Chancellor Angela Merkel's party.
"A day wasted in failing to tackle Greece's administrative, budget and competitive problems is a bad day." Greeks need to reform "not for Brussels, Berlin or the IMF, but for their own sake."
The country may have only several days left to find funds for its bond payment and avert "outright default," said Thomas Mayer, chief economist at Deutsche Bank.
"If they don't have the money in the account at the time the payment is due, then they really default," Mayer said in interview on Wednesday. "Time is of the essence. I think we have maybe one, maybe two, maybe three more days but that's it."
© Dukascopy Bank