Sanity prevails in Eurozone, with Greece-EU bailout deal

The last few days have been very difficult for Greece with uncertainty looming over its future. But that changed on July 13 with some respite for Greece, as the leaders of Eurozone and Greece came to an agreement on the three-year 86 billion euros ($129 billion) bailout required to salvage the tottering Greek economy. Most of the terms and conditions require the Greece government’s near total surrender to the creditors. However, it also provides Greece a chance to hold on to the euro as its currency and stay in the Eurozone, preventing a “Grexit.”
Speaking to India Writes Network, K.P Fabian, a former Indian ambassador who has served in many capitals in Europe, said: “Sanity has prevailed.” He added that if Greece were shown the door, the consequences would have been devastating for the euro.
While the bailout has given temporary relief, there is a long way to go away before Greece, the cradle of Western civilization, can recover from the festering crisis and take charge of its destiny.

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