Why would anyone think the third attempt will be any better or fair to Greece than the previous two attempts? Outside of their echo chamber, few believed the previous bailouts would solve the problem and just as many have concerns with any new plan that doesn't include at least a partial default.
The earlier bailouts were mostly about the banks and unless there's a radical change within the EU and IMF, it will be the same story this time. What does it say about previous negotiations if they are now saying that the February 2012 bailout is now outdated?
International lenders and Greece will renegotiate the program on which the second financial bailout for Athens is based because the original has become outdated, a senior euro zone official said on Tuesday.If the EU and IMF are serious, they will forget about what is good for the banks and think more about the people of Greece this time. But don't hold your breath.
Greece secured a second, 130-billion-euro bailout package in February from Europe and the International Monetary Fund, but two general elections in May and June delayed the implementation of the conditions attached to the bailout.
The United States, the largest IMF member, said it supports discussions to review the Greek bailout program, but German Chancellor Angela Merkel has said that any loosening of Greece's reform promises would be unacceptable.