The Eurozone agreed to extend €10.3bn in rescue loans to keep Greece afloat this summer, beginning with a €7.5bn cash instalment next month. The cash, to be released in tranches and attached to conditions, is expected to see Greece through only through until October.
In another blow to Prime Minister Alexis Tsipras, he only obtained another conditional promise of future decisions about the debt. The promise is somewhat more specific than the November 2012 pledge, but it’s nowhere near as concrete as the IMF wanted.
Debt relief and other measures will also be subject to political approval by the eurozone, meaning none of these measures automatically applies once Greece exits its programme, a demand of the IMF.
The results are meagre for Tsipras who pushed through a raft of austerity and privatization measures at top speed last week so severe that political pressure could soon topple him.
Piraeus port workers have already announced an indefinite strike over privatization plans.