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World Business Report: Greek Bailout Deal Agreed

Greek flags for sale in Athens; Picture Credit: Getty Images

11/08/2015

Greek Bailout Deal Agreed

BBC World Service - World Business Report, Greek Bailout Deal Agreed

Agreement with international creditors now has to be approved by Eurozone parliaments.

Athens will receive $95bn in new credit in return for implementing a package of reform measures. Also on the programme, China devalues the yuan to boost economic growth.

Greece has agreed a third bailout package "in principle" with its international creditors. The deal now needs to be approved by other eurozone countries. The Greek government, which has committed to implementing new austerity measures, hopes to push the new $95bn agreement through parliament later this week.

China's central bank has devalued the country's currency, the yuan, to its lowest rate against the US dollar in almost three years. At the weekend China reported a sharp fall in exports and this latest move should make Chinese goods more competitive and boost growth. But we talk to one economist who says there's more to the devaluation than simply stimulating the economy.

Plus, it is enough to make you cry - the price of onions in India is hitting eye-watering levels, and that is worrying for many consumers because the vegetable is such a staple ingredient in Indian dishes. But, as the BBC's Rahul Tandon reports, the soaring prices are also a big concern for the country's politicians. 
Picture: Greek Flags for Sale in Athens; Picture credit: Getty Images

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