Categories: EuropeFinance

EU Offers a Third Bailout: Greece Will Remain in the Eurozone but Austerity Stays too

The EU has survived the Greek debt default crisis and after seventeen hours of negotiations agreement for a third bailout was reached today. Greek PM Alexis Tsipras termed the negotiations as a tough battle that resulted in a growth package and debt restructuring.

The EU will be financing the country to the tune of EUR 86 billion over the next three years. Greece must now commit to streamlining pensions, raising tax revenues and liberalising the labour market. There will be no Grexit. EC chief Junker commented that they were no winners or losers and what we are seeing here is a typical European arrangement.

Austerity policies will continue in Greece and, as a result of the agreement, much of the country’s sovereignty will be given up to outside supervision. There will be quarterly external monitoring of the economy during the three years of funding.

marten

Recent Posts

CORDET Capital: Unlocking the Potential of Northern Europe’s Lower Mid-Market

With a sharp focus on delivering compelling risk-adjusted returns, CORDET Capital has positioned itself as…

2 days ago

Uzbekistan Investment Forum: Economic Momentum Meets Strategic Maturity

Attend enough investment forums and they begin to blend into one another. The Fourth Tashkent…

3 days ago

Tashkent’s Turning Point: Why the Time is Now for Global Investors in Uzbekistan

As Uzbekistan accelerates its transformation from a closed economy to a liberalised investment destination, the…

5 days ago

BIAT: Strengthening Market Leadership Through Innovation, Digitalisation, and Responsible Governance

BIAT continues to assert its dominance in the Tunisian financial market, reinforcing its resilience with…

1 week ago

From Oil Barrels to Algorithms: Why the Gulf’s Digital Future Needs Chief AI Officers

With oil prices projected to plateau or decline in the coming years, Gulf states are…

2 weeks ago

Corporación Zona Franca Santiago: Forging the Next 50 Years of Sustainable Innovation and Growth

As Corporación Zona Franca Santiago (CZFS) marks its 50th anniversary, the organisation stands at the…

2 weeks ago