Greece and lenders agree bailout, shares rally

[jpak]

Source: Reuters

Greece and its international lenders reached an 85 billion euro bailout agreement on Tuesday after nailing down the terms of new loans needed to save the country from financial ruin.

The deal, which came after 23 hours of talks that continued through the night, must still be adopted by Greece's parliament and by euro zone countries.

The currency bloc's finance ministers are expected to give their approval on Friday in time for Greece to make a crucial 3.2 billion euro debt repayment that falls due next week.

Greek shares rallied, with the banking index climbing 3 percent, while the government's two-year borrowing costs fell to a five-month low.

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Read more: http://www.reuters.com/article/2015/08/11/us-eurozone-greece-bailout-idUSKCN0QF2BV20150811

[Sam_Fields]

1. They are just putting off the inevitable.

Greece should default then buy back their debt for ten cents on the dollar.