Greece Reaches Deal with European Union on Debt Crisis

Greece reached a deal with Eurozone Finance Ministers to extend the country's financial support package. Greece will submit a list of potential economic reforms by Monday for review. The deal extends loans to Greece for four months. Greece had sought a six-month extension. Greece's government came to power last month amid calls to end the country's loan program with the European Central Bank, European Union and International Monetary Fund and to cancel the country's austerity programs and renegotiate its debt. Greece is the world's third most indebted country.

Eric LeCompte, Executive Director of the religious financial reform organization Jubilee USA Network and expert to United Nations working groups on debt, releases the following statement:

"It's exciting that Greece and the European Union have reached some deal. This should give Greece some breathing space to provide the kind of relief the country needs.

"Extending the breathing space is the first step. The next step is ceasing austerity programs and supporting Greece's economy to grow and not contract.

"Currently a third of the Greek population has been pushed under the poverty level because of the failures of what's called the Greek bailout.

"I would like to see Greece repeat Germany's 1953 history, when Germany benefited from debt relief and a global bankruptcy process. This process led to what's known as the German economic miracle that ultimately made the powerful economy we see in Germany today. It worked for Germany and can work for Greece. A global bankruptcy process can work for some of the world's poorest countries being crushed by unsustainable debt."