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For Immediate Release
Contact:

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."

Jubilee USA Network is an interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.

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