AOL: …The deal includes commitments from Tsipras to push a drastic austerity program including pension, market and privatization reforms through parliament as soon as possible. In return, the 18 other eurozone leaders committed to start talks on a new bailout program.
“The Greeks have to show they’re credible, show that they mean it,” said Jeroen Dijsselbloem, president of the eurogroup of eurozone finance ministers and a longtime critic of the Tsipras government.
A Cypriot official said the creditors would look into bridge financing for Greece later Monday, suggesting that the deal could pave the way for the European Central Bank to extend emergency liquidity assistance to Greek banks. Without it, they risk running out of cash this week. The official spoke only on condition of anonymity because he was not authorized to discuss the deal publicly… (more)
EDITOR: If the above is correct, we feel very sad for the Greek people. Let’s hope that part of the arrangement would be forgiveness of a significant part of the national debt, otherwise this whole thing is a sham just to draw more Greek blood and protect foolish (they made bad loans) German and French bankers.
More austerity will not lead to recovery, just more deprivation. On the other hand, certain reforms, such as to the tax system and revision of pension plans, would be positive.
The Euro zone includes Southern European countries that would be better off with their own national currency, so they could adjust its value in its own needs and best interest.
