Herald Sun

GREEKS DEALT LOS­ING HAND

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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.

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