Greece has been given four months extension by Eurozone

Eurozone Greece news

Greece has been quite blessed by Eurozone finance ministers who have helped the country in a large scale from the suffocating debt bail for at least four months.This is indeed a great news for not only Greece but the entire European economy. According the Dutch finance minister the extension will prove to be a positive action on their part. In action to continue the agreement Greece has agreed to present an initial list of reform measures within Monday. For Greek finance minister Yanis Varoufakis the deal will create a new zone of relationship between Athensand European Union.

Euro group head Mr Jeroen Dijsselbloem said “I think tonight was a first step in this process of rebuilding trust. As you know trust leaves quicker than it comes. Tonight was a very important, I think, step in that process,”

Tough Task for New Government in Greece:

Greece had been looking for a six-month expansion of the bailout yet the Euro countries settled for four months. But undoubtedly the agreement removes the immediate risk of Greece running out of money next month. Two past rounds of talks failed between Greek and the biggies of Eurozone. According to the allegations that Berlin and other ‘hardline’ states were undermining an arrangement with Greece. German Finance Minister Wolfgang Schaeuble, a moderate and Greece’s harshest critic who had at first rejected Athens’ appeal for a credit augmentation on Thursday but finally agreed and said “Everything we do is in my opinion for the interest of Greece”.

Christine Lagarde, head of the International Monetary Fund, is relived with the new settlement and thinks as she said: “We are pleased that work can actually begin.”

Strategic moves started:

The lack of faith on Greece for the ministers are evident for genuine reasons and thus it took long phone call between Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel late Thursday to come to the conclusion to make Friday’s decision possible.

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