A debt swap deal has been reached between Greece and its creditors, who have agreed to tender over 85% of Greece’s 177 billion euros in bonds. Greece Prime Minister, Lucas Papademos, says the project was “difficult,” but that the country now stands on “firm ground.”
The next priority, says Greek’s Development Minister, Anna Diamantopoulou, is development and “liquidity in the market and change in the environment, in the business environment.”
But although the way is cleared for a second bailout, Greece still suffers from a 20% unemployment rate, with essential austerity measures creating serious social unrest. Upcoming elections may also add to the uncertainty and disquiet among Greek citizens, as doubts still remain about whether Greece will avoid a debt default.