The World's 'Biggest-Ever Financial Rescue' Is Over

8-year bailout era is officially over in Greece
By Kate Seamons,  Newser Staff
Posted Aug 20, 2018 11:00 AM CDT
In this photo from Thursday, a woman walks in central Athens in an arcade with shuttered shops due to the financial crisis.   (AP Photo/Petros Giannakouris)
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(Newser) – "I wake up in the morning to a nightmare. How will I manage my finances and my responsibilities? This is what I wake up to every morning." That reality is not set to change for Yorgos Vagelakos, an 81-year-old retiree living in Athens—even as Greece's reality changes in a major way. The country's eight-year bailout is officially over, with the country's third and final bailout program ending Monday, but the cuts to public spending it has had to make over the past eight years will live on. Reuters reports that Vagelakos, who had originally received a monthly pension of about €1,250 (about $1,430), now gets €685, or about $780, with further cuts likely next year. More:

  • While the BBC notes Greece will now finally be able to borrow at market rates again, the AP notes "there'll be no dancing in the moonlit streets of Athens" over the end of the bailout, during which Greece received roughly $330 billion in loans. The Guardian reminds us that represents the "world's biggest-ever financial rescue."

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