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Greece to get 86-B tax rises, spending cut loan

from BBC

(elbcradio.com/Aug. 18, 2015)-Greece will receive up to €86-billion loan over the next three years in return for tax rises and spending cuts.

The International Monetary Fund (IMF)’s Chief, Christine Laggard, has welcomed the agreement, but warned Greece’s debt had become unsustainable.

Madam Laggard said Greece needed significant relief beyond what has been considered so far.

A BBC Correspondent in Brussels says Finance Ministers will consider possibly writing off some of the country's debts in the autumn.

European Commission (EC) President, Jean-Claude Junker, said the deal sent a message that Greece will stay in the Euro-zone.

 


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