The latest wranglings over the bailout by Germany are nothing new, with the country being the hardest taskmaster with Greece over austerity and reforms particularly as it has been the country's largest euro zone lender. As such, there is widespread public resistance to giving Greece too much leeway in terms of finances.
For Greece though, more financial aid is desperately needed if it's to meet its ongoing debt obliations. Either a bridging loan or bailout deal for Greece is needed within the next few days as it has a 3.2 billion euro debt repayment due to the European Central Bank (ECB) on August 20.
Finalizing a deal by then looks increasingly tenuous, analysts believed. Craig Erlam, senior market analyst at currency trading company OANDA, told CNBC Thursday that "the deal is still far from done" and that Germany had valid concerns.
"The concerns raised by Germany are actually quite reasonable, particularly those around debt sustainability and IMF involvement. The lack of the latter makes a deal harder to sell to creditor lawmakers. The problem is, it doesn't seem to be offering a solution.
"With the IMF not expected to decide on its involvement until the Autumn, we cannot write off the possibility of a bridging loan. This will not only enable the IMF to decide on its own involvement and parliaments to therefore make an informed decision based on all the facts, it will
give creditors time to come up with a solution to the debt sustainability issue. This could resolve two of the three concerns raised by Germany."