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13 Jul, 2015

Reaches deal with creditors

Greece reaches a preliminary bailout agreement with its European creditors. The terms of the agreement include sales tax increases, reforms to pensions, and making the labor market more flexible. The country will have to open up competition to industries that have long been protected, such as the energy sector. These and other terms of the agreement will have to be passed into law by Wednesday as a first step to receive 85 billion euros in bailout loans.

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