Greece Credit Default Averted

This morning’s Global Economic Outlook report focused on the emergency Euro Summit that was to hammer out a deal to avert Greece defaulting on her debts. Crisis has been averted and additional time for drafting a deal was brokered between Greece and her creditors, reports Reuters.

Eurozone finance ministers accepted a cash-for-reform deal from Greece today but insist on a detailed study, that will take days, to determine whether or not the reforms can lead to an agreement and avert default.

Pay Up, Get Down

The ministers will reconvene later this week, to give Greece time to negotiate with its international creditors, namely the International Monetary Fund (IMF), the European Commission, and the European Central Bank (ECB).

After handing in a new draft of offers for reforms to creditors, Greek Prime Minister Alexis Tsipras held talks with ECB President Mario Draghi and the IMF’s Christine Lagarde. The Greek offer bowed to creditors’ demands for higher taxation and pension reforms, including raising of retirement age to 67 and measures to “curb

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