Greece Secures Terms for Bailout

Following a new series of negotiations with Eurozone leaders, the Greek government has secured the terms necessary to unlock its latest round of bailout funding. The funding in question is part of a July agreement for further bailouts once reforms had been instituted in Greece. The country has already received €13 billion under this round of bailouts but was required to enact substantive reforms before any more installments would be made on the loan.

Among the issues that Greece’s leftist Syriza party has been attempting to negotiate with its Eurozone creditors is the repossession of homes whose owners have failed to pay on their mortgages. Until now, Greece has been reluctant to allow the seizure and foreclosure of homes, except under the most extreme of circumstances. Another point of contention has been the allowance of generic drug sales in supermarkets, something that has up to now been banned under Greek law. These and other reforms must be enacted in order to unlock a block of €12 billion in additional funding.

The agreement, which was announced on Tuesday morning, will be presented to the Greek parliament on Thursday. The legislature is expected to pass the remaining measures with no contention. Of the €12 billion that other Eurozone nations will release after the measures have passed, only €2 billion will be used to continue to fund the function of the Greek government. The remaining €10 billion has been set aside for the country’s banks, which have been running dangerously short on capital since this summer’s bailout crisis.