For Immediate Release
Greece Reaches Financing Deal with Eurozone
Religious Debt Relief Coalition Issues Statement
WASHINGTON - European negotiators agreed unanimously to a new financing deal with Greece. The deal includes up to $96 billion in new loans to Greece in exchange for economic reforms, including austerity measures. Greece can reschedule its debt under the deal but cannot receive debt relief. Greece's parliament and Eurozone parliaments must approve the deal.
Eric LeCompte, executive director of the religious development organization Jubilee USA, issues the following statement:
"It's too early to tell if this deal will work, but I'm skeptical. It's important that they can extend debt payments into the future, but no debt relief and more austerity is a recipe for more of the same for Greece.
"The International Monetary Fund is right that Greece needs debt relief to end this crisis. Without debt relief, it's hard to believe Greece can grow its economy.
"The Greek people voted clearly against austerity because they've seen its impact first hand.
"In the long run, we need an international bankruptcy process to avoid more and more crises like this one."
Jubilee USA Network is an alliance of more than 80 religious denominations and faith communities, human rights, environmental, labor, and community groups working for the definitive cancellation of crushing debts to fight poverty and injustice in Asia, Africa, and Latin America.