Five months of tough negotiations have delivered a bailout package for the Greek economy which means it can survive – for now. Now the coalition government has to introduce higher taxes and more cuts to pay for the lifeline. But questions remain whether the government will survive to deliver on the new targets it has set.

FEARS of a Greek exit from the European Union are dead and ‘Greece is back on its feet’, according to Prime Minister Antonis Samaras.

The good news is that Greece’s rocky coalition government has some breathing space following five months of protracted negotiations with European ministers who have released a much-needed 52.5 billion euro loan.

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 Costas Iordanidis
Greek Finance Minister Yannis Stournaras had to remind the banks that it was their ‘patriotic duty’ to participate voluntarily in the buyback. The bankers agreed after a government decree gave bank directors protection from civil claims
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