Greece finally has a deal. We don’t know if this is agreed upon in pure exhaustion after 17 hours of negotiations, but it’s something that involved total capitulation by Greece . It is even worse than the deal that Greece was getting earlier (before the referendum). It gives Tsipras, the Greek PM, three days to get the major demands passed through the Greek parliament. We saw a few things earlier, in our post, which I’ll paste here: What Now? By July 15, Tsipras must do the following, through parliament: they have to raise the sales tax, and cut pensions. Any misses in the deficit/surplus expected will automatically trigger some very specific spending cuts Greece must keep the statistics and the privatization piece completely independent of the Greek government (or limit the influence) Once this is done, the parliaments of Germany, Austria, Holland, Finland and others that previously opposed a deal will have to say okay to doing the bailout.… (Read On…)
[via Capital MindCapital Mind]
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