The Europe of austerity has won

Reuters: Euro zone leaders made Greece surrender much of its sovereignty to outside supervision on Monday in return for agreeing to talks on an 86 billion euro ($95 billion dollars) bailout to keep the near-bankrupt country in the single currency. Just hours after the deal was settled in marathon all-night talks, doubts were already emerging about whether leftwing Prime Minister Alexis Tsipras would be able to hold his government together long enough to implement any bailout. The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged Tsipras to abandon promises of ending austerity and could fracture his government and cause an outcry in Greece. "Clearly the Europe of austerity has won," Greece's Reform Minister George Katrougalos said. "Either we are going to accept these draconian measures or it is the sudden death of our economy through the continuation of the closure of the banks. So it is an agreement that is practically forced upon us," he told BBC radio. Read the full article: (VIEW LINK)


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