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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.

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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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  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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