Greek deal reached:

Greek deal reached:

Greece has secured lower rates on the bailout loans, including a 10 year holiday on earlier bailout interest, longer to repay and the next €34.5bn tranche will be paid in December. But how long will it last? At some point when it is politically convenient given election timetables elsewhere in Europe, a huge chunk of Greek debt will be written off, because it is simply unsustainable given the recessed economy and the debt reduction task from 190% of GDP next year to 124% of GDP in 2020.