Greece reaches deal with creditors, avoids euro exit
Jul 13, 5:11 AM (ET)
By PAN PYLAS and RAF CASERT
BRUSSELS (AP) — Greece reached a deal with its European creditors Monday, pledging stringent austerity to avoid an exit from the euro and the global financial chaos that could have followed.
The deal calls for Greeks, already reeling from harsh measures and economic decline, to cut back even further in exchange for more loans without which its financial system would surely collapse. The deal, which still needs approval from Greece's parliament, will be the country's third bailout in five years.