FRANKFURT (MarketWatch) Fears that added layers of austerity will undercut Greek growth and undermine efforts by Athens to slash its debt pile to a sustainable level threatened to overshadow relief sparked by a long-sought agreement Tuesday to extend the country a second bailout, economists said. The Financial Times reported Tuesday that a 10-page analysis of Greeces debt sustainability prepared for the euro-zone ministers last week found that additional austerity measures being forced on Greece risk creating a recession so deep that Greece wont manage to whittle down its debt load over the course of the new bailout.
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