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Victoria Mindova

50 billion euro will be the amount Europe will grant Greece to recapitalize local banks, stated the Minister of Finance of Greece, Evangelos Venizelos, at a press conference after the Eurogroup meeting. He explained the parameters of the new recovery programme and defined the decisions of the meeting of eurozone finance ministers as the most important negotiations in the postwar history of Greece. As for the consequences of the lack of consent at the meeting, Venizelos referred to the Institute of International Finance's recent report, which describes as "catastrophic" the scenario of Greece not receiving the aid. The new agreement on the other hand was defined as a "positive development, which gives us new hope."

What was agreed in Brussels in the morning is the basis on which to build a new national recovery plan, the Minister stressed. Venizelos explained that many different parallel discussions were held at the last meeting of Eurogroup. The topics covered were the PSI process to reduce the Greek debt as well as the negotiations with the supervisory Troika on the necessary measures for fiscal consolidation and structural changes. "The important thing is that after years of vicious practices we are happy to say today that we have removed over 107 billion debt from the back of future generations." He stressed that on Tuesday, private investors will know the PSI programme frame and the official offer will come by the end of the week. Venizelos said that it will not differ from the proposal initially announced, and regarding the obligations under the contract, he said, "We will be honest and will honour our commitments."

Right-wing New Democracy leader Antonis Samaras showed a hint of glee after the approval of the 130 billion bailout. He described the Eurogroup decision as positive and important and stressed that New Democracy has played a crucial role in the success of the European front. "Without our positive vote, today there would be neither reduction of the Greek external debt, nor the new loan arrangement." Samaras said that the new agreement contains the difference in the position of the right-wing party, which voted against the first Memorandum of financial assistance in 2010. According to him, the new loan agreement is ending a cycle of insecurity and uncertainty, caused by the PASOK government in the last two years. Samaras expects that the new financing programme should be supported by measures to mitigate the recession. "Without measures of economic growth and development, as we all recognize, neither fiscal targets will be met, nor will the long-term debt be sustainable." In conclusion, the leader of the Greek right-wing party said that New Democracy will fight to restore economic growth.

Secretary General of the Greek Communist Party Aleka Papariga harped on the familiar refrain against the capitalist world and the policy of the euro. She said that the approval of the second bailout to Greece outlines the collapse of the country. According to her, the crisis will only deepen and people's pockets will be completely emptied. "What use are primary budget surpluses if there will be a huge deficit in our everyday lives?" Papariga stressed that if the government fails to restore the Greek economy to a positive rate, the deficit will begin to rise again and this will be the ultimate hell for people.