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Greece agrees to a new bailout deal after teetering on the brink of bankruptcy

by , 13 July 2015

Following overnight talks, Greece has reached a deal with its creditors.

This follows Greece missing a multibillion euro payment to the International Monetary Fund two weeks ago. This led the country to close its banks and to impose strict controls on bank withdrawals.

So what does the new bailout deal entail? And will Greece remain in the Eurozone?

Let's take a closer look…


Greece looks set to receive a €86 billion bailout


Overnight talks led the Greek prime minister, Alexis Tsipras, agreeing “to tough reforms after 17 hours of gruelling negotiations in return for a three-year bailout worth up to €86 billion,” reports iAfrica. This is the third bailout package for Greece in five years.

The President of the European Council, Donald Tusk, tweeted that the “Euro summit has unanimously reached agreement,” says Fin24. This will entail “serious reforms and financial support” for the crisis-struck country.

As talks ended this morning, Angela Merkel, the German chancellor, said that “trust has to be rebuilt [and] the Greek authorities have to take on responsibility for what they agreed to,” notes IOL. The country must adhere to an agreed plan going forward.

Yet in spite of the agreement, there is a chance of “an outcry in Greece” over the terms, reports BDLive. The Greek labour minister already denounced the bailout terms on state TV this morning.


This is just the start of reforms for Greece


Greece now has until Wednesday to “pass [the] reforms demanded by the Eurozone,” adds the BBC. The bailout package will keep Greece in the euro.

The agreement reached is just the start for Greece.

The prime minister now has to “rush swathes of legislation through parliament this week to convince his 18 partners to release bridging funds to avert a state bankruptcy,” reports Fin24. Only once this is sorted out can talks begin about “a three year loan”.

The markets have taken the news well so far, with all major market trading higher this morning.

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Greece agrees to a new bailout deal after teetering on the brink of bankruptcy
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