Greece secures new loan after agreeing to austerity under duress

Supporters of the "No" vote out on the street before the Greek Referendum that took place July 5th. (Photo credit: Desbyrnephotos via Flickr Creative Commons)

European leaders gave the green light Friday to a 7 billion dollar loan to Greece. The deal comes after grueling marathon negotiations last weekend ended up forcing Greek Prime Minister Alexis Tsipras to back austerity measure the Greek electorate explicitly refused in a July 5th referendum.

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Greece’s Parliament passed the unpopular measures Wednesday, sparking anti-austerity protests. The bridge loan Greece will receive in exchange for approving austerity should allow cash-strapped bank to reopen, at least temporarily.

On top of the financial crisis, wildfires started burning around Athens on Friday and the island of Lesbos is struggling to cope with a surge of war refugees arriving by sea.

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