The agreement resulted from weeks of negotiations between Greece and theother 18 members of the Eurozone. All 19 countries belong to the EuropeanUnion and use the euro as money.
Pensioners are given priority tickets by a National Bank branch manager (R), as they wait to receive part of their pensions in Athens, Greece July 13, 2015. |
Observers say the agreement is far from a done deal. Greek Prime MinisterAlexis Tsipras must now get his country’s parliament to approve newmeasures by Wednesday.
Several Eurozone members, including Germany, must seek parliamentaryapproval to start negotiations on a new assistance plan for Greece. Germanyis Europe’s biggest economy. It also is one of the biggest skeptics of a newdeal. German officials have expressed concern about a new rescue plan forGreece. But European leaders welcomed the agreement.
Donald Tusk is the president of the European Union.
“The decision gives Greece a chance to get back on track with the support ofEuropean parliaments. It also avoids the social, economic and politicalconsequences that a negative outcome would have brought.”
German Chancellor Angela Merkel hopes Greek lawmakers will approve theconditions. She said that when approved, she would fully suggest thatGerman lawmakers support the deal.
Ms. Merkel said there were a lot of supports which, if enacted, would lead theway for Greece to return to growth. But, in her words, it would be a long anddifficult path.
Greek Prime Minister Alexis Tsipras may face difficulty as he seeks approvalin his home country. The new demands come in return for a new three-year, $95 billion financial rescue plan for the Greek government.
Mr. Tsipras said his team had fought a difficult battle. But he had to makesome decisions to avoid a worst result. Without an agreement, Greece riskedbankruptcy and a possible ouster from the eurozone.
I’m Bob Doughty.
Lisa Bryant reported on this story from Paris. Triwik Kurniasari adapted it forLearning English. George Grow was the editor.
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Words in This Story
enact –v. to make a bill become part of a law; to carry out
bailout– n. the act of saving or rescuing something (such as a business) from money problems
skeptic(s )–n. people who question something
lawmaker(s) – n. someone who make laws
bankruptcy– n. the condition of financial failure; unable to pay one’s debts
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