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"There is a light at the end of the austerity tunnel," said EU finance commissioner Pierre Moscovici (r). (Photo: Council of the EU)

Greece and creditors break bailout deadlock

The Greek government agreed on Monday (20 February) to make new reforms to cut up to 2 percent of GDP in spending in the coming years.

Greece accepted budget cuts worth up to €3.6 billion that it had previously refused as the only way to break the deadlock with its creditors in talks to unblock a new tranche of the €86 billion bailout programme agreed in 2015.

Experts from the creditor institutions - the European Commission, the European Central Bank, the European Stability Mechan...

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"There is a light at the end of the austerity tunnel," said EU finance commissioner Pierre Moscovici (r). (Photo: Council of the EU)

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