A bailout deal for Greece was finally agreed to on Monday. Bloomberg reports:
Prime Minister Alexis Tsipras surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid Greece needs to stay in the euro.
After a six-month offensive against German-inspired austerity succeeded only in deepening his country’s economic mess and antagonizing his European counterparts, there was no face-saving compromise on offer for Tsipras at a rancorous summit that ran for more than 17 hours.
Implementing the creditors' demands will not be easy though. The Greek parliament will have to pass into law key creditor demands, including streamlining value-added taxes, broadening the tax base to increase revenue and curbing pension costs, by Wednesday. Another Bloomberg report says that Tsipras is already facing mutiny at home over these demands.
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