New Greek Bailout Agreement

7:24 AM, Feb 21, 2012   |    comments
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ATHENS, Greece (AP) - Greeks have woken up to the news that their country will likely avoid defaulting on its debt mountain next month and that the euro will remain their currency.

However, any relief is offset by the grim reality that Greece faces many more years of sacrifice after a grueling 24 months of income cuts and tax hikes, amid deep recession and record high unemployment.

Athens architect Valia Rokou says the agreement doesn't bring her any joy "because again we're being burdened with loans, loans, loans, with no end in sight."

The agreement struck in Brussels early today comprises a second bailout from Greece's European partners and the International Monetary Fund, worth $172.46 billion, and a massive private debt reduction.

It also includes a mechanism to ensure Greek compliance with its end of the deal.

Associated Press

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