The Eurozone worked out a deal with Greece that sounds like the Greeks would have done better by going to a loan shark, and Germany is going to be the enforcer.
The agreement aims to provide Greece with its third bailout package in five years. The tough terms, demanded by Germany and others, are meant to balance Greece’s demands for a loan repayment system that will not keep it mired in recession and austerity budgets against creditors’ insistence that loans worth tens of billions of euros not be money wasted. Testy negotiations and Greece’s inability to live up to the promises made in its previous bailouts had put a cloud of distrust over the weekend’s discussions.
“It’s not personal, Fredo. It’s strictly business.” — Michael Corleone.