Greek leaders managed to pull their beleaguered nation back from the brink of utter financial collapse over the weekend after a last-minute deal was struck with EU leaders.
After facing a no-win scenario in which civil unrest and collapse were imminent on the one hand and capitulation to deep austerity measures on the other, Prime Minister Alexis Tsipras agreed to the latter to prevent the former.
EU leaders promised additional economic aid on the condition that Greece pursues massive cuts in state spending, particularly on entitlement packages to state workers.
The agreement represents a complete rejection of the 60% of voters who defeated a referendum exactly one week before on whether to approve such austerity measures.
With the deal in place, the predicted “Grexit” in which Greece would be forced to pull out of the European Union was forestalled.
The funding package, which could balloon to as much as 85 billion euros, represents the third bailout extended to the nation by the EU in five years.
