Europe’s eurozone Ministers of Finance are planning to give their blessing to a third bailout for Greece; if this fails, Greece will be expelled from the eurozone, albeit temporarily. The emergency summit today, Sunday 12th July, resulted in the eurogroup’s willingness to start negotiations on a third loan of up to €86 billion for Greece, provided the Greek government approves by Wednesday, July 15, a budget that raises tax revenues, hikes VAT rates, reduces pensions and puts limits on early retirement schemes.
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