Bailout extension fails to cure Greek woes

An extension to Greece's economic bailout package has helped, but the country's woes appear far from over.

A euro coin from Greece in front of a 100 drachma banknote

A euro coin from Greece in front of a 100 drachma banknote Source: DPA

Financial markets have reacted positively to news of an extension to Greece's economic bailout package, but the country's woes appear far from over.

Eurozone finance ministers this week backed a four-month extension to the bailout, after Greece's new left wing government submitted a last minute list of proposed reforms.

Parliaments in several countries must now vote on the extension before Greece's current bailout expires on Saturday.

SBS Greek broadcaster Vaios Anastassopoulos says it's a positive development, but the proposal appears to be light on specifics.

Instead, he told Sacha Payne, it appears to be based around a series of guiding "principles".

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