Greece Reaches Financing Deal with Eurozone

Jubilee USA

For Immediate Release

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Sophia Har, Communications Director sophia@jubileeusa.org / (o) (202) 783-3566 x101 (m) (651) 815-1818

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."

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Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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