Euro zone and Greek leaders have reached a deal regarding a bailout of Greece’s economy, reported CNN Money. Reformists and anti-austerity Greeks lamented the $96 billion bailout deal as it undermines Greece’s sovereignty.
Negotiations between Europeans lenders, led by German officials and Greek leaders, lasted 17 hours before Greece accepted terms from its international debtors. “Clearly the Europe of austerity has won,” said Greece’s Reform Minister George Katrougalos. “Either we are going to accept these draconian measures or it is the sudden death of our economy through the continuation of the closure of banks.” Katrougalos added that Greece was practically forced into accepting the expansion of austerity measures.
Greece Prime Minister Alexis Tsipras has long fought expanding austerity measures that will put Greece further into submission under its European lenders. However, resisting would likely have put Greece into more dire financial straits as banks were closing, and the country risked being pushed out of the Euro Zone. Tsipras’ election five months ago brought forth a new leftist government that vowed to end austerity; which has ravaged the Greek economy for several years.
Prime Minister Tsipras tried to end austerity in Greece, only for his country to get bullied into accepting more of it by the country’s German lenders. The deal, which is more of a ransom, allows Germany to step on the throats of the Greek people with the same austerity problem that initially caused the problem.
