Emergency talks result in eurozone extending aid to Greece

Global Business

Greece Bailout A shopkeeper counts money at his store in Athens, Wednesday, July 8, 2015. Frustrated and angry eurozone leaders fearing for the future of their common currency gave the Greek Prime Minister Alexis Tsipras a last-minute chance Tuesday to finally come up with a viable proposal on how to save his country from financial ruin. (AP Photo/Emilio Morenatti)

Greece and eurozone member states have reached an agreement to extend financial aid to Athens after emergency bailout talks Friday evening.

CCTV’s Jack Barton has this report from Brussels.

Emergency talks result in Eurozone extending aid to Greece

Emergency talks result in Eurozone extending aid to Greece

Greece and eurozone member states have reached an agreement to extend financial aid to Athens after emergency bailout talks Friday evening. CCTV’s Jack Barton has this report from Brussels.

Eurozone finance ministers reached their agreement Friday and decided to give in and extend Greece existing financial rescue package by four months, but there’s a catch. Athens’ new government clearly had to back down from previous demands as E.U. officials say most of the Greece’s austerity program would remain intact. It was a victory of sorts for Berlin who’s politicians where the most staunchly against any deal Greece’s government was putting forth.

“The authorities today have shown commitment to a broader and stronger structural reform process and gave their firm commitment with immediate effect to refrain from any rollback of measures and unilateral action that would impact fiscal targets, economic recovery or financial stability.” Jeroen Dijsselbloem, president of the Eurogroup of finance ministers said.

The agreement removes the immediate risk of Greece running out of money next month, when it would have to raise billions to pay public sector salaries and service its debts. Greece owes the equivalent of about 366 billion U.S. dollars to creditors, which is nearly a whopping 175 percent of its GDP.

CCTV America’s Michelle Makori interviewed CEO of Beryl Consulting Group Vidak Radonjic about Greece bailout negotiations.

CEO of Beryl Consulting Group Vidak Radonjic discusses Greece bailout negotiations

CEO of Beryl Consulting Group Vidak Radonjic discusses Greece bailout negotiations

CCTV America's Michelle Makori interviewed CEO of Beryl Consulting Group Vidak Radonjic about Greece bailout negotiations.