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Other terms involve lenders cutting interest rates on bailout loans by 0.5% over the next five years, and 1.5% thereafter. An estimated 1.4 billion euros would be saved by 2020.
The ECB will compensate by distributing profits on its 40 billion Greek debt holdings. In addition, Eurozone countries will contribute their Greek bond income through the end of the decade.
Still to be decided is EU/IMF burden sharing. Both agreed to contribute. Not discussed or considered is leaving 11 million Greeks on their own out of luck. They have three choices - starve, leave, or rebel.
The Rot Beneath the Surface
On February 21, Financial Times contributor Peter Spiegel headlined, "Greek debt nightmare laid bare," saying:
"A 'strictly confidential' report on Greece's debt projections prepared for eurozone finance ministers reveals Athens' rescue programme is way off track and suggests the Greek government may need another bail-out" soon after the latest one.
Even under the most optimistic scenario, imposed austerity's punishing Greece so severely, its burden's impossible to bear.
Agreed on terms are "self-defeating." Forced austerity elevates debt levels, weakens the economy, and prevents Greece "from ever returning to the financial markets by scaring off future private investors."
As a result, continued financial infusions are needed. Double or more the agreed amount's required. Current problems increase exponentially toward total collapse, default and bankruptcy.
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