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Eurozone agrees to hand €10.3bn bailout loans to Greece - live updates Eurozone reaches breakthrough on Greek bailout and debt relief - live updates
(35 minutes later)
2.20am BST
02:20
It’s late, but Bruno’s brain is still whirring.
Pretty clear eurozone debt measures & revised post-2018 targets have been privately quantified for IMF, not for (German) public consumption
2.18am BST
02:18
Greek finance chief Tsakalotos added:
“I think there is some ground for optimism that this can be the beginning of turning Greece’s vicious circle of recession-measures-recession into one where investors have a clear runway to invest in Greece.
(via Reuters)
2.16am BST
02:16
Down the corridor, Greek finance minister Euclid Tsakalotos has told reporters that today’s deal is an ‘important moment’ (echoing Dijsselbloem, Thomsen and Moscovici)
Greek fin min @tsakalotos says this is an important moment for #Greece after long time and time for some optimism #Eurogroup
2.05am BST
02:05
Donald Tusk, president of the European Council, has hailed the agreement - which comes as world leaders head to Japan for a G7 meeting.
I welcome Eurogroup agreement on Greece. Strong message of stability for Greece, Europe and the global economy. #G7
2.04am BST
02:04
And finally.... Jeroen Dijsselbloem insists that the eurozone would not ‘go it alone’ without the International Monetary Fund.
If, hypothetically speaking, the Fund found it couldn’t back the package then the two sides would work together to find a solution, he says, promising that:
We will stay in close co-operation with the IMF.
And that, blessedly, is the end of the press conference, at almost 3am in Brussels.
2.02am BST
02:02
Ah....
IMF seems on a promise (not admitted by @J_Dijsselbloem ]) that ESM will buy out its €14.6bn loans early, hence 'standard criteria'
2.00am BST
02:00
Bruno Waterfield of the Times is concerned that the measures agreed tonight aren’t actually quantified. Why not?
Poul Thomsen says Europe can deliver the measures which the IMF has been calling for. He agreed that they need to be quantified, before the Fund can come on board.
The key is that Greece must be able to stand on its own at the end of the programme period (in 2018)
And Thomsen warns that he will not ask the Fund’s board to join the bailout programme otherwise.
1.56am BST
01:56
Q: When will the eurozone decide the details of medium-term debt relief? Not until after the German elections?
Dijsselbloem claims he doesn’t know when those elections are! (I think they could be in August 2017, or later).
He then explains that the Greek deal expires in 2018 - so if the programme is completed, we will draw up a new debt sustainability analysis.
He also insists that the package hammered out for Greece is truly ambitious, Ministers have “stretched their political capital” to get this deal on the table, Dijsselbloem adds.
1.53am BST
01:53
Q: Today’s debt relief measures seem weaker than what the IMF has been proposing, so is there a danger that it fails your debt sustainability test?
Poul Thomsen says the IMF will assess the latest proposals (online here) and see if they go far enough.
[On Monday, the IMF argued that the eurozone should grant Greece debt relied until 2040 -- today’s measures don’t go that far]
1.49am BST1.49am BST
01:4901:49
Onto questions.Onto questions.
Q: What has to happen before Greece receives its bailout funds?Q: What has to happen before Greece receives its bailout funds?
ESM chief Klaus Regling says some additional steps are needed on privatisations, pensions and non-performing loans.ESM chief Klaus Regling says some additional steps are needed on privatisations, pensions and non-performing loans.
1.46am BST1.46am BST
01:4601:46
IMF: Everyone now agrees Greece's debt is unsustainableIMF: Everyone now agrees Greece's debt is unsustainable
Now the IMF’s European chief, Poul Thomsen, speaks!Now the IMF’s European chief, Poul Thomsen, speaks!
He says the Fund welcomes the “important package of measures” which Greece has adopted. All sides have had to compromise.He says the Fund welcomes the “important package of measures” which Greece has adopted. All sides have had to compromise.
And Thomsen then turns to the big issue - debt relief.And Thomsen then turns to the big issue - debt relief.
We welcome that all stakeholders recognise that Greek debt is unsustainable. We welcome that it is understood that Greece needs debt relief to make it sustainable.We welcome that all stakeholders recognise that Greek debt is unsustainable. We welcome that it is understood that Greece needs debt relief to make it sustainable.
And we welcome that there is agreement on the methodology and the objectives of what debt relief will achieve.And we welcome that there is agreement on the methodology and the objectives of what debt relief will achieve.
The IMF will now spend some time analysing the short-term debt relief measures being taken.The IMF will now spend some time analysing the short-term debt relief measures being taken.
And crucially he confirms that IMF staff will recommend joining the bailout by the end of 2016, as long as the debt sustainability analysis shows that the measures on the table will work.And crucially he confirms that IMF staff will recommend joining the bailout by the end of 2016, as long as the debt sustainability analysis shows that the measures on the table will work.
Ultimately, though, it’s a decision for the Fund’s board.Ultimately, though, it’s a decision for the Fund’s board.
1.35am BST1.35am BST
01:3501:35
Onto the details....Onto the details....
The boss of the ESM bailout fund, Klaus Regling, says Greece needs to complete the outstanding ‘prior actions’ previously agreed with its lenders.The boss of the ESM bailout fund, Klaus Regling, says Greece needs to complete the outstanding ‘prior actions’ previously agreed with its lenders.
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.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.
UpdatedUpdated
at 1.38am BSTat 1.38am BST
1.32am BST1.32am BST
01:3201:32
Moscovici: It's a very important momentMoscovici: It's a very important moment
European Commissioner Pierre Moscovici says the eurogroup has reached a good agreement.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”.It opens the way to rebuild confidence and create a “lasting economic recovery in Greece”.
Moscovici adds:Moscovici adds:
It is a very important moment in this long and sometimes difficult journey”It is a very important moment in this long and sometimes difficult journey”
Sometimes?!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)