Greece has been given the bailout they were seeking for weeks after agreeing to economic reforms.
The $96 billion bailout is the third for Greece since 2010 and should keep the nation in the Euro for the moment.
The key for the deal is that Greece must show concrete steps toward cutting pensions and raising taxes in the nation. The measures must be passed by the Greek Parliament by Wednesday if the bailout is to progress further.
However, the bailout is drawing fierce criticism from Greek citizens and others who support them. The hashtag #ThisIsACoup has been trending on social from those who see the demands of the EU as taking over Greece.
“The trending hashtag ThisIsACoup is exactly right,” economist Paul Krugman wrote for the New York Times. “This goes beyond harsh into pure vindictiveness, complete destruction of national sovereignty, and no hope of relief. It is, presumably, meant to be an offer Greece can’t accept; but even so, it’s a grotesque betrayal of everything the European project was supposed to stand for.”
One of the elements of the deal is that $56 billion of Greece’s public assets be placed into a truth in Luxembourg, where the proceeds from privatization of the assets would be used to pay the nation’s creditors.
Markets around the world climbed on the news of the bailout deal being offered to Greece.
