Greece, Eurozone leaders agree to new bailout deal

By News on the Net —— Bio and Archives July 13, 2015

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Marathon talks between Greece and its European creditors ended with a new bailout agreement early Monday, at least temporarily averting the prospect of Athens exiting the single currency and subsequent global financial chaos.

European Council President Donald Tusk tweeted shortly before 9 a.m. local time Monday that the so-called EuroSummit had "unanimously reached agreement" on a financial aid program that included what Tusk called "serious reforms" and "financial support" for the beleaguered Athens government. At a news conference later Monday, Tusk jokingly referred to the deal as an "a-Greek-ment." The deal calls for Greece, already reeling from harsh austerity measures, to cut back even further in exchange for more loans without which its financial system would surely collapse. It still requires approval from Greece's parliament by the end of Wednesday. More...