A deal, pathway forward, has been agreed tonight, between Greece and its creditors. Typically its a compromise, and no one should speak of who has won or lost, because there has been flexibilty on both sides.
Greece had asked for a bridging loan of six months to formulate concrete plans on how to cope with its debt in ways that would be acceptable to all sides, but also basically reversal of the austerity which has been constricting the Greek economy and causing social hardship to its people.
The end result is an extension to the current terms of four Months, not six, its not called a bridging loan. Greece has committed to continuing the bulk of austerity conditions while being given the chance to draft its own proposals for debt repayment. Greece has confirmed its obligation to debt repayment in full, although some people had thought they were intending to partially default.
The Greek plans may include proposal promoting economic growth as a way of finding the funds to repay those debts, rather than measures which contract revenues making it harder to make those repayments. These sentiments are closer to statements recenty expressed by the IMF and ECB than those of German officials.
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