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Eurozone finance ministers 'reach deal' over Greek bailout - live updates Eurozone agrees to hand €10.3bn bailout loans to Greece - live updates
(35 minutes later)
1.04am BST 1.35am BST
01:04 01:35
AFP are now reporting that the eurogroup has done enough to unlock its long-awaited bailout funds: Onto the details....
#BREAKING - Eurozone reaches deal on Greek 10.3 bn euro bailout payment: source @AFP. France's Sapin says 'deal' but no detail The boss of the ESM bailout fund, Klaus Regling, says Greece needs to complete the outstanding ‘prior actions’ previously agreed with its lenders.
1.03am BST Then national governments must give their approval, before the first portion of the bailout funds - worth 7.5 billion euros -- can be handed over in June.
01:03
Michel Sapin has also declared that the IMF is part of this deal with Greece, which covers short, medium and long-term debt relief (Reuters reports)
Sapin seems very happy and upbeat..seems like this one won't be another kicking the can down the road deal
French FinMin Sapin: Agreement Treats All Points Discussed On Greece -- BBG
12.59am BST
00:59
French finance minister Michel Sapin says a deal has been struck with Greece, according to a newsflash on Reuters.
12.54am BST
00:54
Eurogroup meeting is over
It’s official, the eurogroup meeting had concluded!
And there are reports that an agreement has been reached between the eurozone and the IMF on Greek debt relief, and reforms.
#eurogroup over. @J_Dijsselbloem presser imminent.
12.50am BST
00:50
Remember that Zorba the Greek tune we mentioned earlier? Apparently it was played to the eurogroup!
Scoop: During Eurogroup a finance minister played the syrtaki tune out loud.Ministers getting in the full #Greek mood.
12.44am BST
00:44
Hang in there.... the latest word is that the meeting might *finally* be over.
#Eurogroup is over
But the Greeks say it's over, damn it! pic.twitter.com/ufu9k2OWqD
12.36am BST
00:36
Current state of play:
12.12am BST
00:12
The clocks have now chimed 1am in Brussels, and the eurogroup meeting still grinds on.
We’re expecting a press conference at some stage, meaning ministers won’t get much sleep before they return for fresh meetings on Wednesday morning....
Dijsselbloem is supposed to give a doorstep for #EcoFin at 8:45am. It may coincide with the #Eurogroup presser after all.
12.00am BST
00:00
Is it an IMF-Germany match? "Yes, with a lot of time-outs", a source tells me. #Eurogroup.
11.58pm BST
23:58
IMF's Thomsen consults with Lagarde
The IMF’s top man in Europe, Poul Thomsen, is reportedly consulting with Christine Lagarde over the Greek issue....
Another break apparently. This time for P. Thomsen to call @Lagarde
UpdatedUpdated
at 12.22am BST at 1.38am BST
1.32am BST
01:32
Moscovici: It's a very important moment
European Commissioner Pierre Moscovici says the eurogroup has reached a good agreement.
It opens the way to rebuild confidence and create a “lasting economic recovery in Greece”.
Moscovici adds:
It is a very important moment in this long and sometimes difficult journey”
Sometimes?!
1.30am BST
01:30
Curious metaphor alert, from the Slovakian finance minister:
It was a complicated birth tonight. It's probably about as good as it gets. #Greece #Eurogroup #eurozone #IMF
1.29am BST
01:29
The Eurogroup’s statement is online here:
Eurogroup statement on Greece
It confirms that Greece will receive its bailout loans, that the eurozone will offer debt relief, and that IMF officials are planning to recommend that they join the Greek bailout programme.
1.26am BST
01:26
The key points:
We achieved a major breakthrough on #Greece which enables us to enter a new phase in the Greek financial assistance programme #eurogroup
We welcome intention of #imf management to recommend to Fund's board to approve a financial arrangement before end 2016 #eurogroup #Greece
1.24am BST
01:24
Dijsselbloem sounds quite cheerful, telling reporters that this is an important moment in the long Greek saga.
Confidence has begun to recover since the drama of last summer, and he extends his thanks to Greek finance minister Euclid Tsakalotos and his staff.
We have entered a new phase, and I welcome that very much, Dijsselbloem concludes.
1.21am BST
01:21
IMF 'on board' with Greek deal
In another important development, Dijsselbloem says that that IMF is on board with the Greek bailout.
He explains that the Fund’s management have agreed to recommend a new financial arrangement for Athens before the end of this year.
#IMF will recommend its board to stay in programme before the end of the year
1.20am BST
01:20
Eurogroup president Dijsselbloem says ministers have agreed a range of debt relief measures for Greece.
In the short term, these relate to ‘debt management’ - smoothing Greece’s repayments to avoid any shocks.
Medium-term measures will kick in from mid-2018, when Greece’s bailout expires (assuming Athens complies with its demands).
He also explains that profits which the European Central Bank has made on Greek bonds will be returned to Athens, to help with debt sustainability.
1.17am BST
01:17
This decision eases concerns that Greece could default over the summer.
However, most of this new loan will be returned to Greece’s creditors, of course, or used to cover outstanding government bills.
ESM will endorse disbursement of 10.7 mn euro - in installments (much of which Greece will send straight back in forms of arrears/loans)
1.13am BST
01:13
GREECE GETS ITS BAILOUT LOANS
It’s official! Jeroen Dijsselbloem confirms that the eurozone’s bailout vehicle has agreed to extend €10.3bn of bailout loans to Greece.
But as rumoured earlier, the aid will be handed over in several instalments, not in one lump.
Dijsselbloem says:
This is very good news... the programme is fully back on track. Greece is delivering a lot, and we are making good progress.
#Eurogroup Dijsselbloem: ESM will be able to endorse the disbursement of 10.3bn #euros, pending national approvals.
Updated
at 1.14am BST
1.11am BST
01:11
Jeroen Dijsselboem has arrived at the press conference, rubbing his hands.
And excitingly, IMF chief Poul Thomsen is there too.
Thats a first! Poul Thompsen at the briefing pic.twitter.com/sUv5hse0wA
1.05am BST
01:05
Watch the eurogroup press conference here
Eurogroup president Jeroen Dijsselbloem is about to hold a press conference about the meeting.
It’s being streamed live, here (right-click to open in a new tab)