European Finance Ministers Applaud Greece Debt Deal that Provides Aid and Continues Austerity

international | economics and finance | press release Friday June 22, 2018 22:17 by Lydia Andrews - Jubilee USA Network coord at jubileeusa dot org

European Finance Ministers endorse a new Greece debt agreement that provides financing in exchange for maintaining austerity policies and economic reforms.

European Finance Ministers endorse a new Greece debt agreement that provides financing in exchange for maintaining austerity policies and economic reforms.

“Parts of the Greece deal provide more breathing space for Greece in the short-term, but we are still concerned that there isn't enough debt relief to keep Greece out of trouble for the long-term," stated Jubilee USA Executive Director Eric LeCompte, who monitors and works on international debt agreements. "I'm also worried that the continued austerity policies hurt too many Greeks and will negatively impact economic growth."

While the International Monetary Fund's Christine LaGarde supports the deal, she raised concerns about the deal's ability to achieve sustainability for the Greek economy.