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deftab720 pardpardeftab720 f0fs24 cf2 cb3 (Image source: {field{*fldinst{HYPERLINK
“http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_6922_26/06/2012_449034”}}{fldrslt cf4 ul ulc4 ekathimerini}})
pardpardeftab720 b cf2 BY STEVEN SPARKMAN
ANCHOR ZACH TOOMBS b0
Eurozone markets got a boost Wednesday after
Greece’92s finance minister announced the country had reached an agreement on the next
phase of its bailout deal. But the excitement was short-lived.
In a country experiencing widespread protests
and strikes, the news that Greece had been granted an extra two-years to enact deep budget
cuts might have been seen as good news. ({field{*fldinst{HYPERLINK “http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_24/10/2012_467214”}}{fldrslt
cf4 ul ulc4 Via ekathimerini}})
Except shortly after the Greek minister made the announcement, the EU Commision, the IMF,
and the European Central Bank, dubbed the troika, denied any deal had been finalized.
b ’93The European Central Bank chief Mario
Draghi also said the review of Greece’92s economy is not complete and it is only then
that decisions could be taken on more time.’94 b0 ({field{*fldinst{HYPERLINK “http://www.euronews.com/2012/10/24/more-time-for-greece/”}}{fldrslt
cf4 ul ulc4 Video via euronews}})
Later, the Greek finance minister admitted there was no finished deal, but here’92s
where it gets really complicated.
pardpardeftab720 {field{*fldinst{HYPERLINK “http://online.wsj.com/article/SB10001424052970203897404578076451045882508.html”}}{fldrslt
cf4 ul ulc4 The Wall Street Journal reports}} a leaked version of the agreement which confirms
the finance minister’92s announcement, including the two-year extension. {field{*fldinst{HYPERLINK
“http://www.bbc.co.uk/news/business-20070260”}}{fldrslt cf4 ul ulc4 And the BBC says}} an inside
source confirmed it.
pardpardeftab720 b cf2 ’93Clearly the eurozone wants a pro-bailout,
pro-austerity government to remain in power here. And they felt that the two-year concession
was an important one to grant so that the Greek government can present it as a symbolic
victory.’94 b0
The troika reportedly still has unresolved
demands in the current agreement, but {field{*fldinst{HYPERLINK “http://www.guardian.co.uk/world/2012/oct/24/greek-parliament-chaos-revised-bailout-plan?INTCMP=SRCH”}}{fldrslt
cf4 ul ulc4 a high-ranking Greek official told the Guardian}} the deal is as good as
done. b “Even if the troika give us a negative
report, what are they going to do? Are they really going to not give us the instalment
[to keep Greece’s economy afloat] two weeks before the US elections, with everything that
entails ’96 default, bankruptcy, global market turmoil?”
b0
But Greece isn’92t getting everything they want from the deal. It calls for higher taxes,
cuts to public pensions and the layoffs of thousands of civil servants, to go into effect
over the next year.
pardpardeftab720 {field{*fldinst{HYPERLINK “http://www.ft.com/cms/s/0/884dfdf8-1df5-11e2-901e-00144feabdc0.html#axzz2AFOstacx”}}{fldrslt
cf4 ul ulc4 The Financial Times reports}} the current draft also forces the Greek government
to hire outside experts to oversee many of its functions, essentially handing over control
of the Greek budget to the international community.
When the deal is finalized, it would still have to pass the Greek parliament next week,
where the left-leaning New Democracy party is expected to make passage a close call.}