Greek deal rests on appetite for more austerity

Eurozone countries have been quick to pat themselves on the back for greenlighting a second bailout for embattled Greece, but the deal is dependent on a wholesale change to Greek society while the rewards in terms of economic growth and employment remain a long way off.

Following a marathon meeting in Brussels ending early Tuesday morning (21 February), finance ministers agreed to give Athens a second €130bn bailout in order to stave off an imminent and disorderly default, prompted by b...