Debt deal to give Greece short-term relief only: Jubilee USA

The new deal that Greece has signed with European Union does not hold enough debt relief to keep the crisis-hit country out of trouble for a long term, the Jubilee USA network has observed.

Parts of the deal provide more breathing space for a short term, its executive director Eric LeCompte said in a statement recently.

Under the deal, Greece will have to maintain austerity policies and economic reforms, meaning that it will hurt too many people in the European country.

Eric LeCompte, who monitors and works on international debt deals, added that the continued austerity policies hurt too many Greeks and will negatively impact economic growth as well.

While the International Monetary Fund's Christine LaGarde supports the deal, she has also raised concerns about the deal's ability to achieve sustainability for the Greek economy, the statement cited.

The Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners.