Greece has just been extended another lifeline.

To prevent the country from defaulting on its debt in August, the Eurozone and IMF have given it another loan of 6.8 bn Euros. However this time round, the lenders have imposed strict terms. Greece has to cut down its public jobs and ensure that it sells government assets to raise cash. The question is whether Greece would pay heed to these terms or not. After all it has been on life support since 2010 and has not really done much on the reform front till now.

The country has been one of the sore points for the Eurozone in the period of crisis. It has been on the verge of debt default more than once. But each time the zone has played the knight in shining armor and has rescued Greece with bailout funds. The question now is how long can this continue. Unless Greece seriously restructures its finances, this situation is going to keep coming up again and again. Eventually the coffers of bailout will run dry. When that happens the Eurozone will be faced with tough choices. So isn't it better to just take these tough decisions now rather than postponing them to a later date? Unfortunately the Eurozone leaders appear to think otherwise. They would rather postpone the eventual crisis than take a tough step to fix things now.