<p>Greek officials have passed new reform laws that will impacts taxes, pensions and labour rules. These new reforms motivated ;a response from international groups like The European Central Bank (ECB) ;and the Eurogroup to extend Greece new loans &#8211; bailing them out ;just in time, or at least before they get kicked out of the EU. ;</p>
<p>Chancellor Merkel, who has been deeply involved in the Greek crisis, stated Friday&#8221; we would be grossly negligent, indeed acting irresponsibly if we did not at least ;try this path.&#8221; New reform laws are tough and will affect all citizens. ;</p>
<p>The new reform laws include a raise in taxes, from 13% to 23% on restaurants food and drink items, ;taxi fares, and a few selected supermarket products, public transportation ;and plane and ferry tickets. ;</p>
<p>The bailout is occurring quickly, allowing Greek banks to  ;reopen starting Monday. Greek citizens, after 3 weeks of no banking service, will now be able to make withdrawals from their accounts, however, there ;will be limits to how much can be withdrawn per day. Monday&#8217;s limit is 60 Euro per day; ;Tuesday&#8217;s is 120; Wednesday&#8217;s is 180. ;</p>
<p>Prime Minister Tsipras, however, had stated that the deal is one in which he does ;&#8220;not believe in.&#8221; Tsipras went along with the deal in order to prevent ;further damage to the country.</p>
<p>PBP note:  ;Unless the EU comes through with another round of bail out funds, this is a continuation of the death spiral for Greece.  ;Even with another bailout, Greece will not survive without serious restructuring away from the socialist policies it is addicted to.</p>