European Agreement Sets Up Third Greek Bailout

An anonymous reader writes: Euro zone leaders have reached a deal that will attempt to resolve Greece's financial crisis. The deal sets up negotiations for the country's third bailout, and will require the Greek government to give up significant autonomy in financial matters. Experts have estimated that Greece could require almost $100 billion to stabilize once again. While this will be a significant cost to taxpayers in other European countries, the economic repercussions of letting Greece default on its debts would be much greater. "The agreement will call for Greece to raise taxes in some cases, parepension benefits and take various other measures meant to reduce what critics see as too much bureaucracy and too many market protections that keep the Greek economy from operating efficiently. ... Despite the agreement, Greek banks are expected to remain closed this week. The banks are acutely short of cash and Greek depositors may soon find it difficult to withdraw even small sums from ATMs."

Comments

I'm a Jizz Fountain today

[Anonymous Coward]

It's so good to see The Left fail once more!!

That referendum really showed them! NOT

Good news for the UK

[russotto]

The British Museum is going to get a chance to buy at auction the Greek cultural artifacts they didn't manage to loot.

Re: Greeks surrender: no restructuring

[techno-vampire]

I came to the conclusion weeks ago that having NATO, or some other group of European nations occupy Greece, enforce the existing tax laws (including prosecuting those who won't pay) and using the resulting revenue to pay off Greece's debts was the only way they'd ever see their money. I also suspect that this will never happen because today's European governments don't have the guts to do what's needed.