In 2015, the European Union proposed a three year €86b bailout package for Greece. In order to receive the bailout, Greek Prime Minister Alexis Tsipras agreed to budget cuts including pension reforms. Opponents argue that the Greek government cannot be trusted to live up to the terms of the bailout, since they recently pledged to oppose any budget cuts. Proponents argue that the Euro will lose value if the Greek economy fails.
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Partially. Greece was forced to dismantle huge parts of its welfare sector with devastating effects on the (already plagued by unemployment) population.
