(Transcript from World News Radio)
Greece and eurozone leaders have finally struck a deal that should prevent the debt-stricken nation from crashing out of the eurozone.
But it will require the Greek government to push through draconian reforms in a matter of days.
(Click on audio tab to listen to this item)
Hundreds of protesters have gathered outside parliament in Athens to vent their anger over Greece's new bailout.
"People voted no, and they turned it into a yes. They should be ashamed, ashamed of all this, nothing else," one man said.
"It's a catastrophic agreement, but I expected it, because, within the eurozone, there was no way we could ever get anywhere. They're gangsters. They're financial murderers. There was no way," said this woman.
The deal drawn up by European leaders requires Greece to enact unpopular spending cuts, tax hikes and pension reforms within days.
In return, the European leaders will agree to talks on a 127-billion-dollar bailout to keep the near-bankrupt country in the single currency.
Prime Minister Alexis Tsipras will have to win parliamentary backing for the reforms and may rely on opposition votes if many of his Syriza party MPs rebel.
The government's junior coalition partner has already said it cannot support the agreement.
However, the leader of the right-wing Independent Greeks party, Panos Kammenos, says his party will remain in the coalition.
"We will remain together to fight. But we will not accept participating in a so-called unity government with partners who were giving away everything while the prime ministers were negotiating hard for Greece."
The deal also requires the sequestration of Greek state assets worth 74 billion dollars in a trust fund beyond government reach, to be sold off to pay down debt.
Former finance minister Yanis Varoufakis has likened the deal to the 1919 Versailles Treaty that forced crushing reparations on Germany after World War One.
It had disastrous consequences.
Mr Varoufakis has told the ABC it compares, in a way, with the 1967 coup d'état that installed a military dictatorship in Greece.
"The choice of weapon used in order to bring down democracy then was the tanks. Well, this time, it was the banks. The banks were used by foreign powers to take over the government. In '67, they used the tanks to take over the government. The difference is that, this time, they're also taking over all remaining public property."
Germany's Chancellor Angela Merkel says, if trust is to be restored, Greece must implement everything agreed to.
"The situation is tense. So it's in everyone's interest to make the next steps work. If the Greek parliament does its bit, trust can be regained."
The United States has welcomed the agreement.
White House press secretary Josh Earnest describes it as a credible step towards putting Greece back on the path of economic growth.
"The agreement reflects a commitment by Greece's creditors to provide financial support and help create a path for Greece to return to growth and achieve debt sustainability. It also includes the commitment by Greece to make deep and difficult fiscal and structural reforms."
Share
