"Europe may soon have defused the Greek issue for a while"
- Holger Schmieding, chief economist at Berenberg Bank
Greece leaders Thursday agreed a deal on reforms and austerity measures in return for a 130 billion euro bailout from international lenders which will help the country to avoid a messy default.
"The financial survival of the country in the coming years depends on the new program ... It is a time of responsibility for everyone," said Finance Minister Evangelos Venizelos.
"Some key pieces are falling into place," Holger Schmieding, chief economist at Berenberg Bank in London, said in a note. "Barring any last minute hitch, Europe may soon have defused the Greek issue for a while."
Greek unions called for a strike on Friday and Saturday against the austerity measures that the political leaders agreed on.
"The painful measures that create misery for the youth, the unemployed and pensioners do not leave us much room," said Ilias Iliopoulos, secretary general of the ADEDY union.
"We won't accept them. There will be a social uprising."
© Dukascopy Bank