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EUROZONE FINANCE MINISTERS have agreed a second bailout for Greece worth €130 billion after more than 12 hours of negotiations which ran throughout the night.
The deal is designed to avoid the risk of Greece defaulting next month and contains strict rules for Greece to control its finances.
Under the terms of the new agreement Greece’s creditors have to agree to accept deeper losses on their debts. The European Commission will have a permanent presence on the ground in Greece to monitor how the economy is managed.
Greece has undertaken to reduce its debts to 120.5 per cent of its GDP by 2020 – twice the amount permitted by the fiscal compact.
Minister Brian Hayes who attended the meeting of Eurozone finance ministers said on RTE’s Morning Ireland this morning that the deal was “significant” and it would bring “clarity” to the situation in Greece.
European finance ministers this morning said that the deal is a blueprint for putting the public finances and the economy of Greece onto a sustainable footing, which will safeguard financial stability in Greece and in the euro area as a whole.
Greece will introduce a legal framework in its constitution to ensure that priority is granted to debt servicing payments. The country will also introduce a new mechanism to monitor the money that is to be used to service the country’s debt.
Greece’s two coalition parties have given assurances that the austerity programme will continue to be implemented regardless of the outcome of the upcoming general election.
Eurozone finance ministers said they were aware of the “significant” efforts already made by Greek citizens in accepting austerity programmes but that further major efforts by Greek society are needed to return the economy to sustainable growth.
Head of the IMF Christine Lagarde welcomed the bailout package and said it will pave the way for a “gradual” resumption of economic growth for Greece.
Yesterday president of the Eurogroup Jean-Claude Juncker stressed that Greece is likely to stay within the eurozone, saying that it would be a “bad solution” for both Greece and the euro itself if the country left the single currency market.
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How many of those 5,000 were able to travel to Spain this summer…
@Paul:
I really despise the likes of you.
Pitiful and sad!
@Paul: You can get a basic holiday package cheap for a low side of a few 100, a mortgage requires you to have 5 figures saved up and rent even split between three people would be about 125+ a week when some of them are on 188 or as a family 400
@Paul: I agree with you. The number of parents I know who moan about the cost of school, and in the same breath tell you about their foreign sun holiday, while eejit here doesn’t go on foreign holidays to pay for school!
People give out about the cost of shoes for school…do they go barefoot during the summer?? The cost of uniform? They wear it 5 days a week for 10 months!! My issue is that all books have to be new, I would be happy if the govt even tackled that issue
Yeah guys, stop trying to enjoy life and just work to survive. You’re all so materialistic…
@Ryan Carroll: its not about the cost but the fact some can afford to go on a holiday but not to send kids back to school
@Paul: Well going back to school is more expensive, depending.
@Ryan Carroll: except you are simply saying this as you believe poor people deserve every misery they endure.
@Paul: ….. or are down in the pub most nights.
@Charles Alexander: its probably true and as the saying goes,the truth hurts
I’ve had a lot of stories regarding SVP and although they do great work, their generosity is well know to be abused. I can’t agree with any charity giving people cash, should be in the form of vouchers only.
@Theunpopularpopulist: vouchers would certainly make it a bit harder for those who abuse the system . People already get help of 125/200 per child towards books. Uniforms can be bought cheap in lidl. I think some people just don’t want to pay a things forwards their kids needs and expect hand outs for everything. If people on social are getting their full benefits , rent allowances , med cards , child benefit and don’t have to pay towards anything then that’s a lot of money a month to themselves .. no wonder they can holidays to Spain every year .
@Theunpopularpopulist: I can understand this but a lot of people feel very embarrassed about having to show they needed help from SVP. Maybe instead SVP should provide the stuff directly.
@Suzie Sunshine:
I totally agree with you Suzie nice
To see your back from holiday
Leo Varadkar and Fine Gael hate the people of Ireland.
Varadkar’s reaction to the deaths of 2 homeless people yesterday was to reminisce about where he was when Princess Diana died.
That shows the absolute and utter contempt both he and his party holds for Ireland.
We are effectively on our own as FG represents banks and vulture funds.
The government can be disregarded.
Direct action to address the national housing emergency is not simply justified.
It is essential.
Real people vote FG, banks didn’t elect them, and you won’t get anywhere pretending those voters don’t exist, you have to instead change their minds, and just insulting them as people who don’t care and writing them off as tools of banks only drives them deeper into the arms of more regressive politicians.
Most people, well off or not, are inherently decent, and would want to do things about poverty,. At the moment we have a homeless crises because social housing is no longer being built the way it had been from DeVelera to Bertie, and the reason is they know the people who vote for them don’t live in them so they don’t feel pushed. You have to make them feel pushed by lobbying them – and you don’t convince people by writing them off before you’ve even tried, they needed to be shamed and guilted into it by highlighting the plight of these families not being described as tools of banks.
@Colin Morris: Shinner bot alert!!
@Colin Morris:
Leo and Fine Gael hate the people of Ireland? oh please and stop talking rubbish
@Ryan Carroll: Don’t forget your tooth brush the next time you go to see your local TD. Don’t forget to bring a few smokes as well.
But sure Leo said 70% of the people are middle class . Surely something amiss here !
@Willy Malone: he is not counting poor people though.
According to Leo you are only human when your income reaches a certain level.
Between children’s allowance and back to school allowance there’s no excuse not to be prepared. Everyone knows when their child will be starting school so they could put a little away every week if needs be.
@Mark Daniel: that good advice for those that have a little left over each week but what about those that are struggling to get by and have nothing left over to put aside for the free schooling with voluntary contributions
Wait for FF/FG (both of which hate the people of Ireland) to claim that half the poor people are scammers and the other half have only themselves to blame. But that either way if you find yourself in financial or housing trouble in Ireland then you deserve to be thrown to the wolves / vultures.
Direct action is necessary.
Our government hates this country.
@Colin Morris: Agreed entirely. Government and state have despised the people since it’s foundation . ultimate arrogance . and grossly overrepresented per head of population.
look at the tax take and poor return for tax.
Excessive VAT rates.. stealth taxes shamblolic health services. filthy water . ecoli etc… who is monitoring water quality now ? Dept of Agriculture no less. it’s no wonder the quality of rivers has disproved.
property tax will hike in 2009. wait for the outcry then. still too many quangos.
yada yada
@scanlanavia: we are a population without a government.
FF/FG represent money. Not people.
Direct action is essential.
Since FF exposed the govts lies on that score only a few weeks ago (re numbers who were scamming and what they saved) I doubt that. Since it was FF govts that came up with medical cards, college grants, free primary secondary school, the minimum wage, free travel passes etc etc they have a funny way of showing they hate poor people.
You won’t get anywhere in your knowledge by assuming FG ”hates” the people of Ireland either, people are not cartoon villains, you gotta know your enemy in order to beat them. THey think their approach helps those people too, thats how they look in the mirror in the morning without getting ill. The fact that most of them come from the upper middle class or rich farmers skews their worldview, esp since thats who their voters are too. So instead of their constituents telling them about their poverty they are demanding tax cuts and “those scammers on welfare their whole life” (of which they think there are far more than there really are) be dealt with.
so-called booming economy
The Catholic church still picking up the slack when government turns its back on the people of Ireland.
tell us.
This is typical FF/FG deflection.
Blame the poor.
Always.
Keep The Recovery Going!!
Fg and labour let all these issues grow,they did not stand up to the EU,they accepted 42% of EU debt.the public must remove them from politics or generations of their family will be born on the streets.
have your say