To the surprise of everyone, Greek Prime Minister Alexis Tsipras has agreed to a €86bn eurozone bailout deal demanded by the EU (European Union). Today members in the Greek Parliament are debating whether to approve the tough economic measures the deal demanded. I say, "Don't sign it!"
Forget the fact that the Greek public had overwhelming voted against the deal in a referendum, the deal on the table miss one crucial detail that MUST be in it for any deal to work. There's no write-off on Greek debts.
There is no doubt in anyone's minds now that austerity measures is not going to work. For the past 5 years, Greece has been working under severe austerity measures and the result is that their economy has shrunk by 25%...in just 5 years! Why in the world would more austerity measures work now when it hasn't worked for the past 5 years?
It won't. The deal on the table is terrible with little to no chance of solving the Greek crisis. Even the IMF (International Monetary Fund) agreed with this assessment. The Greek debt is just too big. For any deal to work, some of it has to be written off.
This deal don't have that. It won't work so don't sign it.