Greece leaders reached a last-minute deal on Monday that will enable them to secure yet another financial bailout from European creditors in order so stave off a disaster to their banking system.
This is the third bailout for the ailing economy.
Seventeen hours of emotionally charged negotiations among 19 eurozone leaders resulted in a deal for Greece that has plenty of caveats, Politico reported.
On one hand, Greece will get 86 billion euros – or, roughly $95 billion. On the other, parliament members in Athens will have to adopt the very same austerity reforms at which voters turned up their noses just a week ago.
The deal, however, keeps Greece in the eurozone.
“There will be no Grexit so, in form and substance, we are satisfied with the solution we have found,” said European Commission President Jean-Claude Juncker, speaking of the averted potential of a Greece exit from the bloc, Politico reported.
Greece only has a 72-hour window to adopt many of the stipulations of the bailout, something Prime Minister Alexis Tsipras has described as a humiliating concession to Germany’s overbearing dictates.
“We succeeded in getting the restructuring of the debt and certain refinancing in the future,” Tsipras said, Politico reported. “We succeeded in setting the base for change in Europe and we are going to continue fighting and we will keep fighting to regain our lost sovereignty. I think the vast majority of the Greek people will support this … because they understand that we have given our best to the bitter end.”
The release of the funds, due after the eurozone finance ministers meet to hash out details of the plan, is hoped to put to rest the runs on banks that dotted much of Greece’s economic landscape in the past week. As previously reported by WND, Greek citizens were limited in their daily withdrawals, with many fully expecting a total crash to the country’s economy.
Among the particulars of the bailout that have to take effect by Wednesday: Pension reforms, establishing the Greek statistics office as an independent agency and implementing automatic spending cuts for certain programs.
By July 22, Greece must also put in place European Union rules to offset bank failures and come up with a plan to overhaul the justice system, Politico reported.