Greek civil servants’ union calls 24-hour strike for Wednesday

Caving to Greek demands for leniency, he argued, would have been the worst outcome for the future of a united Europe: “An alternative decision… giving major concessions to Greece after very inefficient and unproductive negotiations, would have likely fueled populist movements in other euro area countries, which would have increased political instability and thereby economic and financial instability”.

“Greece would undertake much needed modernization of its public administration, but implementation of these measures and other reforms would be subject to strong external monitoring and controls”, Peter Morici, a professor and economist at the University of Maryland, tells U.S. News in an email. After a marathon round of meetings overnight, the Greek Prime Minister Alexis Tsipras and European Union leaders reached a deal for a new bailout and round of reforms for the struggling member nation.

Press TV: Speaking of these excessive demands despite those austerity measures that Greece has agreed to implement, many are interpreting either as a way of the troika of lenders to humiliate Greece and punish it for even daring to ask for an alternative route or as a coup attempt to remove Tsipras and Syriza from power.

But there was considerable support for the deal, and for Tsipras himself, from the opposition.

Both sides acknowledged the bitter disputes that kept the leaders at odds for months, and kept them negotiating nine hours past a Sunday midnight deadline. “If Greece had left the euro zone, what would the world have said?”

“The agreement reflects a commitment by Greece’s creditors to provide financial support and help create a path for Greece to return to growth and achieve debt sustainability”, said Josh Earnest, President Barack Obama’s spokesman. “Greece will face many challenges in delivering on the package of reforms it has promised…” Now I am not a conservative, I am not a banker and I do not agree with what conservatives and bankers in many cases do economically.

These include measures to streamline pensions, raise tax revenue and liberalise the labour market.

In weeks to come, Greece will have to make further changes to its economy, such as open to competition industries that have always been protected, such as the energy sector. Labor laws will be made more flexible.

A tired Tsipras insisted the deal was good for Greece, even though analysts say the terms are in some respects tougher than those Greek voters had rejected on his recommendation in a referendum just one week ago.

“In this tough battle, we managed to win a debt restructuring”, he said.

Ordinary Greeks seemed relieved that their country was not facing a messy exit from the euro.

Kostas Lambos, a pensioner, said things would be “difficult in the beginning” but people had to understand the severity of the situation.

The debt-stricken country had requested a new loan of €53.5bn (£38bn) over the next three years to avoid financial meltdown, although it has emerged the final bailout deal could come closer to €86bn (£61bn).

Greece’s banks, which have been shut for two weeks, were still closed on Monday and limits remained on cash withdrawals. The European Central Bank, which has been propping them up for months, could restart money flows and help Greek banks reopen – but only if it’s convinced the reform process is progressing.

The Eurozone has said that, if necessary, they are ready to extend the repayment of the Greek debt – but no debt will be written off.

French President Francois Hollande said the Greek parliament would convene within hours to adopt the reforms called for in the plan and he celebrated Greece’s continued membership in the euro.

Chancellor George Osborne told Sky News: “I think that Britain can give a cautious welcome that the eurozone has stepped back from the brink because it is pretty clear that these problems in Greece and across Europe have an impact on our economy”. With a mortgage, food, utilities, and several grandchildren she’s taking care of, she’s struggled to make ends meet ever since the cuts began. Panos Kammenos, leader of the junior partner in Tsipras’ coalition government, denounced the deal as a German-led “coup”.

While there was relief that the country had escaped bankruptcy and a collapse of its banking system, Greeks vented their fury at an agreement that ended up much tougher than proposals they had roundly rejected in a referendum on July 5.