Greece is negotiating a third bailout of up to €50 billion

Yanis Varoufakis greece

REUTERS/Yves Herman

Greek Finance Minister Yanis Varoufakis holds a news conference after an extraordinary euro zone Finance Ministers meeting (Eurogroup) in Brussels February 20, 2015.

Spanish finance minister Luis De Guindos just said that a €30-50 billion ($33.7 - $56.1 billion) rescue deal is being negotiated for Greece, according to Reuters.

That's the first we've heard about the details of a potential third bailout since the Eurogroup (all of Europe's finance ministers) made a deal with Greece on February 20 which will keep the country funded for four months.

Reuters reports that "more flexible conditions" will be part of the plan, citing de Guindos, but without any specifics.Advertisement

Tensions are running high between Greece, Spain and Portugal. The latter two countries have conservative governments, and their own Syriza-like anti-austerity movements to deal with. In Spain, left-wing Podemos are regularly leading in polls for December's general election.

Over the weekend Greek finance minister Yanis Varoufakis said that there was an "axis of powers" aligned against the country's attempts to scrap its bailouts, naming Spain and Portugal and invoking World War Two-era language (both countries had fascist governments despite remaining neutral during the war).

Greece's government still faces a major struggle to satisfy both Europe's finance ministers and its own party, which seems to be less satisfied with Athens' negotiating stance after barely more than a month in power.