Greece Accepts A Bailout, But At What Cost?

Don’t call it a comeback. Greece has been here for years.

After a 17-hour marathon negotiation, Greece’s prime minister Alexis Tsipras has accepted a bailout by the Eurozone, ending – at least temporarily – the nation’s flirtation with a “grexit” (which would have seen the debt-stricken country abandon the Euro and form their own currency to pay back lenders).

Greece returned to the negotiation table after walking away from a previous bailout offer two weeks ago. That decision was reinforced by a referendum in which citizens similarly rejected the offer.

However, Tsipras is now facing the outrage of his constituents, having agreed to the tough reforms and austerity measures they had voted against accepting.

According to ABC News, the bailout is worth up to 86 billion euros (that’s AUD $129 billion, for local bean-counters).

For the deal to pass through Parliament by Wednesday’s deadline, Tsipras will need the support of pro-European opposition parties.

Public servants are plotting a strike on Wednesday to protest the result; the first since the prime minister took power.

On social media, #ThisIsACoup trended among disappointed Greeks.

Needless to say, rumblings of a new election are building.