By James D. Spellman, Strategic Communications LLC
Greece and the European Union early Monday (July 13) reached agreement on measures that aim to keep Greece within the Eurozone through financial assistance, debt relief, and rigorous oversight but require the country to implement quickly reforms that its ruling government and the electorate resoundingly rejected as too onerous only a week ago.
Securing acceptance by the Greek parliament by July 15 (Wednesday) and quickly reopening Greece’s banks with a cash infusion from the European Central Bank are among the many uncertainties the acrimonious, 31-hour-long talks left unresolved as a €3.5 billion loan repayment to the ECB comes due July 20. (By the afternoon on July 13, the European Central Bank signaled that it would leave its credit line to Greece’s banks in place at its current level.)