A lot at stake in Brussels

It’s time for an agreement in principle between Greece and the eurozone. It would be absurd to reject outright the proposal put forward by the Greek government – a decision that would throw the debt-hit country into turmoil by taking a huge toll on banks and the economy.

There is obviously a lack of trust in the Greek government and a great deal of uncertainty about whether coalition officials are capable of – and, in fact, willing – to do what it takes in order to fulfill the country’s previous and current obligations.

That said, very big concessions have been made. Athens now stands a long way off its original, and largely unrealistic, positions.

It is important that Greece succeeds in tilting negotiations and getting the cooperation of its foreign partners and lenders back on track. Normality must be restored before the economy is reduced to tatters. Keeping a cool head will be crucial as Greece is once again discussed in Brussels today.