‘It has taken only nine months for the third memorandum between the near-bankrupt Greek state and its creditors — the “Quartet” of the European Union (EU), European Central Bank (ECB), International Monetary Fund (IMF) and European Stability Mechanism (ESM) — to lurch to the brink of crisis.
That deal, which the Syriza-led government of Prime Minister Alexis Tsipras felt forced to swallow despite the Greek people rejecting an earlier version by over 60% in a referendum last July, will provide the country with €86 billion. About 90% of this will go to paying off debt.
In turn, the tightly policed Greek government must continue to implement a package of strict austerity “reforms”. These cover pension cuts, tax rises, privatisations and labour market deregulation.’
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