Wall Street Journal
February 22, 2012
After months of fraught negotiations, Greeks greeted news of a fresh bailout for their country with a sense of relief Tuesday, but also a feeling of foreboding that many years of tough austerity measures and reforms still lay ahead.
The leaders of Greece's two main parties backing the country's interim government were quick to welcome the long-awaited €130 billion ($171.9 billion) loan—that was agreed to by Europe's finance ministers during marathon negotiations in Brussels—saying the new lifeline had saved the country from imminent default and a wrenching exit from the euro zone.
And Greece's government spokesman, Pantelis Kapsis, immediately tried to assuage popular concerns that the stepped up oversight the country will now have to endure by its creditors in exchange for that loan will infringe on the country's sovereignty.
But on the streets, the feeling was subdued. "I feel relieved today after the new loan deal, but I know it's just temporary," said Olga Tsatsara, a 64-year-old retired teacher who has already seen her annual benefits shrink by €2,500 euros and her tax bill jump more than 30% after almost two years of austerity measures.
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