Greece debt deal to give ‘short-term’ relief only

The new deal that Greece has signed with the European Union does not hold enough debt relief to keep the crisis-hit country out of trouble for a long term, Jubilee USA Executive Director Eric LeCompte has observed.

Parts of the deal provide more breathing space for a short term, Mr LeCompte said in a statement recently.

Under the deal, Greece will have to maintain austerity policies and economic reforms, meaning that it will hurt too many people and negatively impact economic growth in the European country.

Eric LeCompte monitors and works on international debt deals.

While the International Monetary Fund's Christine Lagarde supports the deal, she has also raised concerns about the deal's ability to achieve sustainability for the Greek economy, the statement cited.

The Jubilee USA Network is an alliance of more than 75 US organisations and 650 faith communities working with 50 Jubilee global partners.