Europe seals new Greek bailout deal to avert chaotic default

Euro zone finance ministers sealed a €130-billion bailout for Greece on Tuesday to avert a chaotic default next month after forcing Athens to commit to unpopular cuts and private bondholders to accept deeper losses.

The agreement was hailed as a step forward for Greece, but doubts immediately emerged as to whether it would do much more than deal with its most pressing debt problems.

Greece will need more help if it is to bring its debts down to the level envisaged in the bailout and will remain “accident prone” in coming years, according to a deeply pessimistic report by international experts obtained by Reuters.

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