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Greeks fear cost of new deal

Monday, July 13, 2015 - 02:10

Greeks greeted news of a deal with creditors with relief mixed with anger, particularly at Germany, after it became clear Greece will have to swallow more austerity. As Ivor Bennett reports it could fracture the government and spark a backlash.

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Relief in Brussels, but in Athens the mood is anything but. Their banks still closed, many fear there is only worse to come. (SOUNDBITE) (Greek) 46 YEAR-OLD ACCOUNTANT, CONSTANTINOS THEODORIDIS, SAYING: "What's the deal on the table? Is it for the Greek people or against the Greek people because everything done so far has been against the Greek people." (SOUNDBITE) (Greek) RETIRED NOTARY, ELEFTHERIA KYRIAZI, SAYING: "I found out that the agreement has been reached but what the measures will be is another matter altogether. Foreigners will skin us alive." Another who might be fearing for his own skin is Alexis Tsipras. Emerging from the talks, the Greek Prime Minister was quick to paint the deal as a victory. (SOUNDBITE) (Greek) GREEK PRIME MINISTER ALEXIS TSIPRAS SAYING: "Today's agreement keeps Greece in a state of financial stability. It gives the possibilities for a recovery." But he faces a tough sell. Greece has already had two bailouts, and a third will mean yet more austerity. Tough on the people, and the economy, says BGC Partners' Mike Ingram. SOUNDBITE (English) MIKE INGRAM, MARKET COMMENTATOR, BGC PARTNERS, SAYING: "It's extremely unlikely, given the sort of extreme economic stress that the Greek economy is already in, and the debt that it's being asked to service, that the outlook for Greece is anything other than one of economic depression." Despite that, the reforms are expected to pass through parliament. It gave its initial approval to the measures on Saturday before the talks began. The government's future, though, is nowhere near as secure. Having campaigned for a 'no' vote in last week's referendum, Tsipras is being seen by some as a sellout, including from within his own party. His labour minister denounced the deal on state TV even before the full terms were confirmed. SOUNDBITE (English) MIKE INGRAM, MARKET COMMENTATOR, BGC PARTNERS, SAYING: "It's very likely that we will see Syriza splinter further. It is at the end of the day a coalition of far-left political parties. So you'd have to say well the days of the Syriza government seem to be quite limited and I would fully expect there to be an election in Greece in the Autumn." The last time Greeks went to the polls, they voted against the terms of another bailout. In the home of democracy, many will surely now feel cheated.

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Greeks fear cost of new deal

Monday, July 13, 2015 - 02:10