Greece deal explained: What’s in the new deal and how it compares to the old one

The final statement from the eurozone summit has been released.

In order to unlock a fresh €82bn to €86bn bail-out, Greece has until Wednesday to pass laws that:
• implement VAT hikes
• cut pensions
• take steps to ensure the independence of Greece’s statistics office is maintained
• put measures in place to automatically slash spending if Greece fails to meet its targets on primary surpluses (revenue minus expenditure excluding debt servicing costs)
It has until July 22 (an extra week compared with the draft statement) to:
• overhaul its civil justice system
• implement the Bank Recovery and Resolution Directive (BRRD) to bring bank resolution laws in line with the rest of the EU
Greek MPs will also have to stomach a move to sell off €50bn worth of Greek assets.

  • Ed

    My my! The once smirking, strutting little Marxist is sporting a different look!

    • I don’t think either side is overjoyed to continue dancing.

      • One more shot of (other people’s) cash thrown into the fires of socialism.

  • Brett_McS

    Easy peasy!

  • barryjr

    July 20 the Greeks will inform Europe they had their fingers crossed and never had any intention of meeting these conditions.It’s the Greek way to do business.

    • Petey

      Hm, I wonder …. It’ll be interesting to see what happens.

    • dance…dancetotheradio

      Aye, it’s nae gunny fookin steck!

  • Norman_In_New_York

    The sooner that strains in the EU bring down this house of cards, the better off Europe will be.

  • Hard Little Machine

    Of course they will agree. Then everyone will run outside, riot, burn shit down and refuse to comply. Like always.

  • ntt1

    this might recover some of the EUs outlay to support Greece but long term Greece and its third world culture are not a good fit .they have no place in the EU

  • JoKeR
  • That may delay the inevitable, but it won’t work in long term. Most Greeks are pathologically extreme leftists and they may even revolt against the measures the Frau wants them to implement. Greece was the only European country after World War II, where they went into a full-blown civil war to establish communism (even without Russian occupation). After that tens of thousands of leftist refugees poured into Bulgaria and Yugoslavia and “strengthened” their regimes. The idea of “social justice” at somebody else’s expense has never left their minds.The European Frankenstein’s only chance of survival is to shrink to its original parts, as it was planned in the 1950’s.

    • dance…dancetotheradio

      Golden Dawn.
      It’s not just syrup on your morning pancakes.
      It’s a lifestyle.