Eurozone leaders have agreed to offer Greece
a third bailout following bruising 17-hour-long negotiations in Brussels.
However,… the three-year,… up to 96 billion U.S. dollar bailout,… that
should help Greece avoid total economic collapse for now,… is conditional on the Greek
parliament passing agreed reforms by Wednesday. Greece will have to implement the harshest
austerity measures yet to be demanded by its creditors, and these include measures to
slash pensions, boost tax revenue and liberalize the labor market.
Athens will also have to hand 50 billion euros worth of state assets to a privatization fund
as collateral. And the misery continues for the people of
Greece. The country′s finance ministry saying Greek
banks will remain closed until Thursday and ATM withdrawals are still limited to a meager
60 euros a day. Greece′s banks have been shut since June
28th.