In return for the new bailout, Greece must implement a savage austerity programme, accept an “enhanced and permanent” presence of EU officials supervising Greek finances and set up a blocked account with three months debt interest payments in it at any time.
“The Greek economy can no longer rely on a large administration financed by cheap debt, but by investment to facilities new growth and jobs,” said Olli Rehn, the EU’s economic and monetary affairs commissioner.
Telegraph
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