Implode-o-Meter News - Tentative Deal on Greek Debt Crisis Is Reached, but Long Road Remains

The agreement does not guarantee that Greece will receive its third bailout in five years. But it does allow the start of detailed negotiations on a new assistance package for Greece... The total commitment of money has not been disclosed. But a document by the eurozone leaders noted that experts had estimated that Greece might need from 82 billion to 86 billion euros more -- $91 billion to $96 billion -- to shore up its economy, rebuild its banks and meet its debt obligations over the next three years. The document said Greece and its creditors should seek to "reduce that financing envelope," if possible.
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A bleary-eyed Mr. Tsipras, speaking to reporters here on Monday, tried to put a positive spin on what might be seen as an almost total capitulation by Athens to creditors' demands for tough austerity. He said that the threat of Greece being forced out of the eurozone had been avoided and a promise of debt relief and growth funds had been secured.
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But any easing of Greece's debt repayment obligations would not include something Greece had previously made a condition of any deal: a so-called haircut, or reduction of the overall debt, which is more than â‚¬300 billion. The document issued on Monday made its resistance to that demand clear in one sentence: "The Euro Summit stresses that nominal haircuts on the debt cannot be overtaken."
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"It's simple: We wasted five months," Mr. Macrygiannis said. In the end, he added, the austerity measures that had to be taken appeared to be worse than what the creditors had been willing to give five months ago, when the new Greek government took office.

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Tentative Deal on Greek Debt Crisis Is Reached, but Long Road Remains