ABC – Greece has received another financial lifeline to prevent bankruptcy, with the eurozone and the International Monetary Fund agreeing to a $9.5 billion deal that spares the country from defaulting on debt in August. European finance ministers have provided $4 billion, but the deal comes with strict bailout terms, including cutting thousands of public sector jobs, raising taxes and selling state assets. It is not the first time the bailout has been topped up and it probably will not be the last. With the Greek crisis in its fourth year, patience is starting to wear a bit thin. But the European Central Bank, the European Commission, and the IMF, who met in Brussels overnight, are continuing to do what it takes to stop Greece defaulting on its debt repayments. Greece will receive half the additional money now and the rest in October. Already the austerity has been so deep that the national broadcaster – the equivalent of the ABC – has been taken off the air. Swedish economist Frederik Erixon says under the strict bailout terms, Greece is set to go even deeper into depression. Read Article
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