It seems the 19 Eurozone leaders have finally reached an agreement on the situation in Greece after almost 17 hours of talks.
We get the latest on Greece from George Glynos, Managing Director and Economist at ETM Analytics.
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Banks are shut and business is at a standstill. This tends to focus the mind. Greece got a glimpse of how bad things can be without support.— George Glynos, Director at ETM Analytics
Greeks incorrectly assumed they can return to negotiations with more bargaining power.— George Glynos, Director at ETM Analytics
There’s a rumored split in Greece’s ruling party. The opposition, though, has bought in. I suspect there’ll be a regime change soon.— George Glynos, Director at ETM Analytics
Pragmatically speaking it will make sense for voters to accept the bailout conditions, because the alternatives will be way more costly to them.— George Glynos, Director at ETM Analytics
Greece has a bloated government that encroaches on the dynamism of the economy. They have been poor at implementing reforms needed for sustainable growth.— George Glynos, Director at ETM Analytics