Jul 13, 2015
By Jane Brown
After a sixteen hour bargaining session in Brussels, Greece has reached an agreement this morning with its European creditors that will keep the cash-strapped nation in the group of 19 countries that use the euro as their currency.
“It’s been a laborious night, but I think it’s a good step to rebuild confidence and there will be many more steps, I’m sure, that will only be demonstrated by the implementation by what has been agreed now,” said International Monetary Fund Managing Director Christine Lagarde.
The deal demands Greece cut spending even further in exchange for more desperately-needed loans. Without those loans, Greek banks, which have been closed for two weeks, would almost certainly have collapsed.
Greek Prime Minister Alexis Tsipras is hailing this morning’s agreement that keeps his financially-battered country in the Eurozone. Tsipras says the deal allows his country to stands on its own feet. This is the third bailout in five years for Greece