Eurozone Agrees 2nd Bail out

After months of talks, a €130bn bail-out has been agreed by the eurozone for Greece. The terms include dismissing underperforming tax collectors and tightening rules against bribery

On Tuesday morning after months of talks a €130bn bail-out was agreed for Greece.

 

The bail-out is inclusive of a number of terms and conditions that the Greek government have been given until the end of February to agree to.

 

The short timescale facing the Greek Government is further evidence of the collapse of trust between lenders and the country after Greece failed to live up to the terms of the previous €110bn bail-out set 2 years ago.

The terms of the bail-out include sacking underperforming tax collectors, tightening rules against bribery and preparing at least 2 state controlled companies for sale by June.  A permanent team of monitors is also to be set up ensuring that these terms are being upheld.

Greece’s Finance Minister Evangelous Venizelos said a: “nightmare scenario,” had been avoided and that the deal: “was a significant development that gives our country a new opportunity, and we need to make the most of this opportunity”.

Despite these optimistic comments Greece now appears to be in a race against time to agree to the conditions that they have been set in order to avoid a default that could send the country into a single currency and create upheaval across the Eurozone.

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