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After several contentious months of negotiations between the country and its creditors, Greece received its third bailout in five years. Terms of the bailout including commitments by the country to implement austerity measures and economic reforms, which Greek lawmakers recently approved.
The legislation covered some of the economic changes sought by the country’s international creditors, which include raising the retirement age, cutting pensions, liberalizing the energy market, opening up cosseted professions, expanding a property tax that Greeks already revile and pushing forward a stalled program to privatize state assets.
Passing that package paved the way for Greece to receive the first 2 billion euros, or about $2.3 billion, from the bailout program. But Greece’s international bailout program has hit snags, even before the first euro of loan payouts has been dispensed.