BRUSSELS (AP) — After months of acrimony, Greece finally clinched a bailout agreement with its European creditors on Monday that will, if implemented, secure the country's place in the euro and avoid financial collapse. The terms of the deal, however, will be painful both for Greeks and their radical left-led government, which since its election in January had vowed to stand up to the creditors and reject the budget cuts they have been demanding. Before it can get 85 billion euros ($95.07 billion) in bailout cash and support for its banks to reopen, the Greek government will have to pass a raft of austerity measures that include sales tax increases, reforms to pensions, and labor market reforms. Greece will be on a tight timetable to implement its reforms — a reflection of how little its creditors trust the government to honor a deal. Greek Prime Minister Alexis Tsipras infuriated his European partners last month when he called for a popular vote against economic reforms the creditors has proposed. The Greek people voted against those proposals, but will be horrified to see that they now face even tougher measures. Both sides acknowledged the bitterness that marked their negotiations and kept them negotiating nine hours past a Sunday midnight deadline. "Trust needs to be rebuilt," said German Chancellor Angela Merkel, adding that with the deal, "Greece has a chance to return to the path of growth." http://news.yahoo.com/greece-talks-drag-beyond-deadline-amid-warnings-euro-042354170--finance.html My take - I'm glad the Greeks are being put through the ringer on this. They need to get their act together. No more "I want a 30 hr work week and retirement by 50" mentality. Either they man/woman up, or get dropped from the EU and go back to the basics and rebuild themselves. And while I fully concede the rich bankers of Greece unlawfully pocketed a large chunk of the original bail out money, that alone is not the reason for Greece's turmoil.