Greece faces ultimatum to pass reforms before new bailout considered

Eurozone leaders were considering giving Greece three days to pass a slew of legislation through its parliament making profound changes to how the country operates before they would even consider giving them a third bailout.

In an ultimatum, the government would have to virtually surrender its sovereignty to the European Commission who could veto ideas for laws before they were introduced to the Greek people or the parliament.

One diplomat described it as “using a steamroller”, while many others believed it was simply a method of forcing Greece to voluntarily “take time out” from the eurozone, since there is no legal basis for exit.