Greece still has more to prove before it can restore the trust of its fellow euro zone countries and get funds it desperately needs to stave off calamity, with euro zone officials telling CNBC on Sunday the country will need far more money than originally believed.
Since it first fell into dire economic straits in 2010, Greece has already been bailed out to the tune of 240 billion euros ($267 billion), and last week asked for an additional 53.5 billion euros. However, euro zone sources told CNBC they estimate that Greece will need a further 82 billion-86 billion euros.
In spite of winning an anti-austerity mandate in a referendum last weekend, Greece's left-wing prime minister, Alexis Tsipras will have to push through legislation for sweeping cuts and reforms through parliament by July 15.
The reforms and tax measures—including a broader range of goods to be covered by a 23 per cent sales tax— are harsher than the ones the Greek people so vehemently rejected last weekend. Only once the legislation is passed will the other 18 member countries of the euro zone agree to release money and start negotiations for a third bailout.
After failing to reach an agreement on the terms for granting Greece more money following talks Saturday and Sunday, the Eurogroup of finance ministers have presented a proposal document for discussion for the leaders of the euro zone.
The onus is now squarely upon the Hellenic Republic to thrash out a deal, which some euro zone leaders hope will happen despite the odds—and tense, marathon negotiations.
"I don't want to look back in 10 years' time and have a situation whereby this could've been saved but it wasn't," Irish Taoiseach (prime minister) Enda Kenny told CNBC.