NEW YORK TIMES: …The deal is likely to give Greece breathing room. For one, it could help stem flights of deposits from the country’s banks, which have been bleeding money during the standoff between Greece and its creditors.
But it will hardly move the country past the worst of its economic and financial troubles. The economy has shrunk by a quarter in the last five years, and unemployment stands at more than 25 percent…
For one thing, Greece will not receive any of a €7 billion installment from the bailout until it has carried out all remaining reforms required by creditors, some of which Mr. Tsipras had pledged to roll back. Greece must also show that it is not abandoning austerity measures unilaterally… (more)
