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Greek Bailout Deal: Agreed To By Many, Welcomed By None

Greek Bailout Deal: Agreed To By Many, Welcomed By None

On Monday, Greek banks are set to reopen after closing their doors for three straight weeks following the European Central Bank's decision to extend further credit lines to the nation's struggling financial sector. While EU officials and Greek leaders have agreed to a flimsy deal to keep the nation in the currency union for the time being, many are criticizing the deal for being a bad solution to a worsening problem.

No One's Happy

According to Reuters, most EU leaders see the Greek deal as a pitiful last attempt to avert a crisis, and few believe the deal will last in the long term.

Greek Prime Minister Alexis Tsipras, who has seen his own Syriza party fall apart over his agreement with EU creditors, said that the agreement was not beneficial to Greece, but that it was necessary in order to avoid a worse fate. German Finance Minister Wolfgang Schäuble remarked that Athens would have been better off leaving the eurozone, and an anonymous official involved in the negotiations said the deal has just a 20 or 30 percent chance of succeeding in the long term.

Related Link: 22 Stocks Shielded From Most Greek And Chinese Risk

Divided Region

Although a Grexit has been avoided, the bloc remains divided over how to move forward in the years to come.

Many believe that Europeans have lost faith in the eurozone and that something must be done to unify member countries. French President François Hollande remarked on Sunday that the eurozone was in need of a unified government that could oversee a collective budget. However many other nations, like Germany, are not keen on giving up that much control.

Image Credit: Public Domain


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