In case you are counting at home, this is now the second bailout Greece will get for their bloated government. Even with their “austerity” measures pasts and left wing thugs rioting in the streets (like unions and occutards here), the most optimistic goals for Greece after this bailout is to have their debt “only” 121% of the country’s gross domestic product by year 2020. And that’s according to CNN. Lofty goals in Euroland. In case you care, in Euros, this is about €130 billion. This is just kicking the can down the road that so many politicians do (yes, even in Europe.)
The finance ministers from the 17 nations that use the euro, known as the Eurogroup, gave Greece funding it needs to avoid a potential default next month.
While this new deal provides some short-term relief for Greece, difficult days lie ahead as the government tries to trim debt to 121% of the country’s gross domestic product by 2020. Greece’s debt now stands at about 160% of GDP.