A deal struck Tuesday to cut back Greek debt to creditor countries and the IMF paves the way for easier cashflow management in Athens, but analysts warn the paths identified simply buy time.
\"The Greek deal is like a car made from junkyard parts that can collapse at the first bump in the road,\" said Sony Kapoor, a London School of Economics Fellow and head of the Re-Define economic consultancy.
\"It is a very fragile contraption.\" The eurozone and the International Monetary Fund agreed to unlock 43.7 billion euros (US$56 billion) in loans and on the need to grant significant debt relief for decades to come.
Four loan instalments from December 13 through until the end of March are conditional on Greece funnelling the income back to creditors and on the implementation by Athens of tax reforms settled with creditors.
\"The Greek deal is like a car made from junkyard parts that can collapse at the first bump in the road,\" said Sony Kapoor, a London School of Economics Fellow and head of the Re-Define economic consultancy.
\"It is a very fragile contraption.\" The eurozone and the International Monetary Fund agreed to unlock 43.7 billion euros (US$56 billion) in loans and on the need to grant significant debt relief for decades to come.
Four loan instalments from December 13 through until the end of March are conditional on Greece funnelling the income back to creditors and on the implementation by Athens of tax reforms settled with creditors.