Why Greece's surrender to the Eurozone may backfire

Greek bailout
(Image credit: Christopher Furlong/Getty Images)

With a new €53.5 billion proposal on the table, Greece looks ready to cave to the eurozone's austerity terms in exchange for a new round of bailout funds. But it may actually not be enough.

While the policy differences between the Greek government and its European creditors are smaller than ever, they're still there. In The Financial Times, Peter Spiegel pointed to wiggle room in the Greek budget target, exemptions in the full value-added-tax, and some extra taxes that would activate in case of an emergency, as examples of daylight remaining between the two sides.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.