The European Commission announced this week that it’s prepared to provide 95 percent of the funding for structural projects in Greece. Members of an EC task force are due to arrive in Athens later this month to oversee the implementation of reforms. Ministers, meanwhile, are trying to put together legislation that will convince Greece’s lenders that it is taking its role seriously.
In one way or another, these actions all stem from the deal agreed between the eurozone and Greece in Brussels last month. Even though the agreement has set in motion such a wide-ranging process, there is still great uncertainty about what the agreement on July 21 actually means for all those involved and how it will benefit Greeks. There is a sense that Greece and its eurozone partners are trying to navigate through a storm with a patchwork map and some untested instruments to help them.