Thursday, July 16, 2015

Still No Deal For Greece

Why can't the media report this story accurately? Are journalists too stupid to understand it?
Greece gets relief from creditors after first austerity test
Greece got a triple dose of good news on Thursday, when creditors agreed to open talks on a third bailout package, to give the country an interim loan to cover its debts, and to provide more support to its shuttered banks.

Greece's fellow states in the 19-country eurozone said they were willing to open talks on a new rescue package worth 85 billion euros ($93 billion) over three years after Athens approved a series of tax hikes and economic reforms overnight.

The austerity bill triggered a revolt in the governing party and demonstrations in central Athens, one of which briefly turned violent, but was required by creditors as a precondition for starting bailout talks.

Because completing a new rescue deal is expected to take up to four weeks, Greece's European creditors also agreed on interim financing in the meantime. European Commission head Jean-Claude Juncker confirmed that an EU-wide bailout fund would give Greece a loan to cover it through mid-August.

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