Greek political leaders announced on Thursday that they were bowing to all European Union austerity demands. But euro-zone finance ministers are skeptical, saying several details need to be clarified. Even if Athens ultimately receives a new bailout package, however, its debt problems will not be solved.

Photo: REUTERS. Euro Group chief Jean-Claude Juncker together
with Greek Finance Minister Evangelos Venizelos in Brussels on
Thursday.

Relief was certainly not the predominant emotion in Brussels on Thursday evening. In faraway Athens, Greek party leaders had announced that, following weeks of talks and delays, they had finally agreed to accept the stark austerity conditions imposed on them by their European Union partners. But euro-zone finance ministers were skeptical as they arrived for their pre-planned consultations in the European Council building on Thursday.

"There are still a lot of uncertainties," noted Jean-Claude Juncker, who chairs meetings of euro-zone finance ministers, a body known as the Euro Group. German Finance Minister Wolfgang Schauble told reporters that the news from Athens was still not enough to trigger the release of the second bailout package for Greece, worth €130 billion ($172 billion).

The uncertainties remained even after the five-and-a-half hour Euro Group gathering. No decisions were made. On the contrary, Juncker announced afterwards that the Euro Group would have to meet once again next Wednesday. Greece has until then to fulfill several remaining conditions.

Europe, it is clear, is turning the thumb screws. Juncker made clear what Brussels expects: "No disbursement without implementation," he said. "We can't live with this system while promises are repeated and repeated and repeated and implementation measures are sometimes too weak."