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Greeks angry after leaders cut deal with lenders

Tuesday, May 02, 2017 - 01:33

Promising to cut pensions and give taxpayers fewer breaks, Greece has paved the way for the disbursement of further rescue funds from international lenders and possibly opened the door to reworking its massive debt. Laura Frykberg reports

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They say all good things take time.. But after six months of negotiations between Athens and its lenders... The bailout deal they've reached - looks anything but, to Greek people. Around 10,000 marched against austerity on May Day - 24 hours later opinion hasn't changde. (SOUNDBITE) (English) BANKING EMPLOYEE GEORGE BABERIS, AGED 39, SAYING: "Taxes are rising, unemployment is rising, this should have ended a year and a half ago. I think they didn't do well." (SOUNDBITE)(Greek) PENSIONER ADAMANTIA DRIMALAS, AGED 75, SAYING: "We are very very upset, that is all I can say." Under the agreement, pensions will be cut in 2019, so too will the tax-free threshold a year later. Its coal units currently owned by the state - will also be partially sold. In return, Greece gets its fourth bailout - to repay billions it owes by July. The IMF estimates Greek debt is 179 percent of GDP - a level it and others warns is unsustainable. (SOUNDBITE) (English) THINK MARKETS, CHIEF MARKET ANALYST, NAEEM ASLAM, SAYING: "Debt relief is the only way to go forward for Greece. As long as Germany is showing reluctance to give any sort of debt relief the problem will very much remain on the table." And that means the deal's implementation could be too. It still needs parliamentary approval - which Prime Minister Alexis Tsipras has threatened not to give Unless future debt relief is pledged by creditors in Brussels later this month. Six months of negotiations may be over - but that doesn't mean it's a done deal yet.

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Greeks angry after leaders cut deal with lenders

Tuesday, May 02, 2017 - 01:33