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Greece Bailout Terms Set By International Creditors

Posted By:  |  August 11, 2015  |  0 Comment(s)

On Aug 11th, Greece reached a deal with their international creditors, this time for a third bailout which would provide debt aid worth about €86 billion ($94.76 billion) but this deal comes with harsh austerity measures drawn up by these international institutions, once again leaving Greece reaching for economic and political stability.


Former Greece Finance Minister, Philippos Sachinidis, says he feels at some point international creditors will be ready to offer Greece debt relief in hopes they understand through the provision of debt relief this is the one way for the Greek economy to revive. However, a decision may not be made until after the first election and spokespeople have denied that government is going to election. With the election being approximately 40 to 50 days away Greece is now under fire with a payment due to the European Central Bank on August 20th.

This week the Greek parliament will have to vote on the action itself, assuming the Greek government is going for elections, as well as seek an agreement with the eurogroup. Some officials fear the institutions overseeing the eurozone bailouts, such as the European Commission, European Central Bank, and the International Monetary Fund, may create harsher economic issues in Greece, which have already began to splinter the young left-wing ruling in Syriza.

Sachinidis indicates the importance of political stability being necessary directly after elections are held in order to implement the provisions of the agreement. Another major factor is for all political parties to understand this may be the last offer made by international creditors in order for Greece to remain in the eurozone, enabling the Greek economy to move forward with a positive growth rate.


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