Monday, July 13, 2015
Greece desperately needs the European Central Bank to restart money flows to re-open up its shuttered banks. And finally Europe strikes a deal after marathon talks for the Greek bailout.
The leaders hammered out the agreement at the marathon overnight meeting in Brussels, after weeks of frantic diplomacy sparked by Greece walking away from a previous bailout program.
Fast running out of money, Greece faced an awful choice: Accept the conditions demanded by the only people willing to lend it money, or leave the euro.
Finance officials will reconvene later Monday to talk about how to support Greece while the details of the bailout are being negotiated.
First, the economy has deteriorated sharply in recent weeks, damaging Greece's already fragile finances still further.
Under pressure from skeptical voters, some European leaders wanted ironclad guarantees that they wouldn't be throwing good money after bad. Europe and the IMF have already lent Greece about 233 billion euros since 2010.
Monday's deal requires Greece to give access to bailout monitors on the ground in Athens - including officials from the IMF, a point Tsipras resisted to the last.
Without a new bailout, Tsipras knew Greece's descent into economic chaos would accelerate, bringing the country ever close to exit from the euro.
Greece's banks have been shut for two weeks, and cash withdrawals are capped.
Assuming Greece accepts a broader overhaul of the economy, there are still other potential roadblocks standing in the way of a third bailout.
Now over to you
Do you think this $96 billion bailout is enough to help Greece? How will this third bailout be different from the rest? Will the European leaders learn to trust Alexis Tsipras again? How long do you think this will take? Share your opinions and thoughts in the comments below.
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