GREEKS DEALT LOSING HAND
BEGGARS can’t be choosers and that has certainly been the case with Greece as it reluctantly accepted guaranteed recession over even worse chaos.
Without this deal Greece’s banks would be bankrupt and the country in chaos without a currency, but even with the deal it is hard to see the Greek economy recovering.
As expensive and controversial as it would be, the rest of Europe actually needed to stimulate Greece with a much larger bailout and easier debt terms if they want the country to grow, prosper and repay debt; more austerity means fewer jobs and a shrinking economy.
Now Greek PM Alexis Tsipras must deliver the reforms and hope that somehow Greece’s creaky banking system can be rescued and the debtors finally decide it is in their interests to ease the burden.