Greece Reaches Bailout Deal with International Creditors

NYT/Niki Kitsantonismay/05-02-17

Greece and its international creditors said on Tuesday that they had reached a preliminary deal allowing the country to receive crucial bailout payments in exchange for promises to raise taxes and to further cut pensions and social spending.

The agreement — the culmination of months of talks — paves the way for the transfer of more than 7 billion euros, or about $7.6 billion, of emergency funds to Athens. It also comes before a series of elections in France, Britain and Germany in the coming days and months, with European officials eager to avoid giving fuel to far-right parties.

Under the terms of the agreement, which is subject to the approval of eurozone finance ministers and the Greek Parliament, Athens will make changes to its labor and energy markets, cut pension payouts, and increase taxes.

PG View: Let the countdown to the next next bailout begin . . . Meanwhile the people of Greece are treated to more austerity and higher taxes.