摘要:After weeks of negotiations and a dramatic summit in Brussels, the exit of Greece from the euro area has once again been averted. The Greek government has agreed not only to pass reforms demanded by the creditors under the old programme (and rejected by the Greek people in a referendum), but also to implement further cuts and structural reforms. In return, Greece is set to receive another loan programme from the European Stability Mechanism (ESM) – and possibly from the International Monetary Fund (IMF) as well – of more than €80 billion, which will be almost entirely used to service Greece’s debt and to recapitalise its banks.