With the news that a second bailout deal has been agreed for Greece there was a sigh of relief from many in the eurozone with the euro immediately rising. With the economies of the eurozone so closely intertwined all eyes have been, and remain, on Greece. However, the debt crisis is far from over and we are not out of the woods yet.
So while this is good news for the eurozone, just how is this latest bailout going to turn things around? Yes Greece will now avoid bankruptcy next month, but what the country needs is investment and a long term plan for economic growth. At present the money is being used to pay banks and not to build the economy. It's no wonder the Greek people are protesting when they are seeing huge budget cuts all around them but no prospect of substantial change or growth anytime soon. None of the money coming into the country is coming to them, but is going to the banks who are themselves to blame for much of the crisis in the first place.
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