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              Greece Relieved by Debt Deal, but Difficulties Ahead

   by VOA News

   The Greek prime minister says a new agreement with European leaders to
   extend his country's debt-repayment plan - the Greek "bailout" - was an
   important success, but now "real difficulties" lie ahead.

   "We won a battle, but not the war," Prime Minister Alexis Tsipras said
   Saturday. The agreement reached Friday gives Greece an extra four
   months to repay its loans, in return for Athens' pledge to spell out an
   acceptable plan of economic reforms by Monday.

   "The difficulties - the real difficulties - lie ahead of us," Tsipras
   said on national television.

   No details of the reform plan due on Monday were disclosed. The prime
   minister was meeting with his Cabinet Saturday to review proposals.

   The continuation of eurozone funding to Greece will avert possible
   bankruptcy and keep the euro currency in use in Greece. In return,
   Athens' request for a six-month debt extension was trimmed to four
   months, and the framework for future negotiations remains in place.

   Greece had wanted to end its supervision by the European "troika" - the
   International Monetary Fund, the European Central Bank, and European
   Commission - but the three entities will continue to monitor the
   country's compliance with austerity measures and economic reforms.

   Tsipras and his left-wing Syriza party have widely disparaged the
   European "troika" for what they see as hostile actions.

   After winning national elections and taking power last month, Prime
   Minister Tsipras and his ministers promised to end the EU-IMF bailout
   program and break off cooperation with inspectors from the financial
   institutions overseeing the plan.

   The $270 billion bailout arrangement was due to expire next week, with
   unknown, but potentially catastrophic economic consequences. Prime
   Minister Tsipras, who assigns a large share of blame to his
   conservative opposition, said it would "asphyxiate" the country.

   As the February 28 deadline approached, fearful depositors began
   withdrawing their money from banks - the equivalent of $1 billion on
   Friday alone, according to an unnamed senior banker quoted by Reuters
   news agency.

   The Greek finance minister, Yanis Varoufakis, who had a key role in
   Friday's lengthy negotiations, said both sides can now "turn a page" in
   their relations. He told reporters that "we are beginning to be the
   co-authors of our own destiny."
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   [1]http://www.voanews.com/content/greece-debt-deal-react/2653167.html

References

   1. http://www.voanews.com/content/greece-debt-deal-react/2653167.html