The third Greek bailout: An assessment7 min read 17 Jul 2015, 12:37 AM IST
The immediate crisis has been resolved, but has the pact with the European Council ensured Greek solvency over the medium to long term?
On 13 July, the European Council reached an agreement in principle on a third bailout for Greece in five years. The agreement was hammered out over 30 hours of back-to-back meetings, first of finance ministers of the Eurogroup and then the 19 European Union (EU) heads of state. Much work remains to be done over the next few weeks, especially by way of prior actions by the Greek government, pending finalization of a memorandum of understanding.