Greece Agrees to Its Third European Bailout After Marathon Talks

A third time of a risky affair

TIME

The last round of talks on the Greek debt crisis went through the night on Sunday for 17 grueling hours, but when European leaders finally emerged from the negotiating rooms in Brussels on Monday morning, they announced that they had reached a unanimous deal to save Greece from going bankrupt and crashing out of the European currency union.

The details of the agreement were sketchy. But even from the rough contours outlined at a press conference on Monday morning, it was clear that Greece had bowed to nearly all the demands of its creditor nations, especially Germany, and had taken on commitments that would be extremely difficult for the Greek government to fulfill without losing the trust and support of its electorate.

Over the weekend, however, Prime Minister Alexis Tsipras was focused on regaining the trust of his counterparts from wealthy European nations, which agreed on Monday to help fund…

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