Greece to stay in Eurozone, but at a cost (Updated)
July 13, 2015
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After 22 hours of fierce negotiating, the Eurozone summit has come up with a deal that will keep Greece in the Eurozone in exchange for both budget cuts and tax hikes.
For those who oppose austerity and "euro"centric economics, the deal is a huge blow. Europe has agreed to advance Greece 10 billion Euros to help the flailing country pay down it's 3.5 billion euro debt to the IMF. Greece will also receive around 77 billion dollars in aid over three years in part to help strengthen it's banking system. European officials will also review Greece's total debt, but will not (!) reduce the amount to be paid back. In return, Greek officials have agreed to a line of policy changes that include cuts to pensions and an increase in the sales tax, with the goal of increasing the budget surplus. They must also make steps to privatize much of the economy, which will (hopefully) increase competition in local markets, and contribute 50 billion euros worth of privatized assets into a fund that will be used to help Greece pay off its debt.
In short, it's an activist's worst nightmare.
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