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Greece Strikes €8.5 Billion Deal With Eurozone, but Debt Relief Put Off

"Greece's creditors agreed on Thursday to release the next tranche of its 86 billion euro (US$96.5 billion) bailout," MarketWatch (June 15, Stamouli) reports, "but put off a final decision on relieving the country's crushing debt burden until August of next year." The agreement was reached in Luxembourg among the finance ministers of the eurozone. It unlocks 8.5 billion euros of the bailout fund. Unfortunately, the creditors' refusal to address debt relief leaves the depleted nation with bleak prospects for the months ahead and at risk of needing another bailout down the line. "Greece's travails remain a black mark in a eurozone that has otherwise found fresh confidence this spring, underscoring the bloc's failure to root out the problems that threatened the single currency's integrity five years ago," concludes MarketWatch.

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