Friday, August 14, 2015

Eurozone finance ministers have agreed on a new bailout deal for Greece after Athens backed the plan.

Eurogroup chairman Jeroen Dijsselbloem thanked the creditors and the Greek government, saying: "All the intense work of the past week has paid off."

The deal demands tax rises and more tough spending cuts in return for a €85bn (£61bn, $95bn) bailout - Greece's third in five years.
It is needed to stop Greece exiting the eurozone and to avert bankruptcy.
But it comes at a heavy political price for Greek Prime Minister Alexis Tsipras, who has faced a rebellion in his left-wing Syriza party.
More than 40 Syriza MPs voted against him when parliament decided on the bailout agreement on Friday, after all-night talks.
Reports in Greece suggest he will seek a vote of confidence in parliament next week, bringing the prospect of snap elections closer.

'Optimistic'

Announcing the "comprehensive and ambitious reform package", Mr Dijsselbloem said: "If implemented with determination, it will allow the Greek economy to return to growth."
President Jean-Claude Juncker said: "The past six months have been difficult. They have tested the patience of policy-makers and they have tested the patience of our citizens even more.
"Together, we have looked into the abyss. But today, I am glad to say that all sides have respected their commitments."
He added: "The message of today's Eurogroup is loud and clear: on this basis, Greece is and will irreversibly remain a member of the euro area."...
 BBC
14/8/15
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