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Greece debt crisis: Eurozone summit reaches agreement | |
(35 minutes later) | |
Eurozone leaders have reached a "unanimous" agreement over a third Greek bailout after marathon talks. | |
EU chairman Donald Tusk said leaders agreed "in principle" on negotiations for the bailout, "which in other words means continued support for Greece". | EU chairman Donald Tusk said leaders agreed "in principle" on negotiations for the bailout, "which in other words means continued support for Greece". |
"There will not be a 'Grexit'," said European Commission head Jean-Claude Juncker, referring to the fear that Greece would have to leave the euro. | "There will not be a 'Grexit'," said European Commission head Jean-Claude Juncker, referring to the fear that Greece would have to leave the euro. |
Greece will now have to pass reforms demanded by the eurozone by Wednesday. | |
Prime Minister Alexis Tsipras told reporters that Greece had fought a "tough battle", won debt restructuring, and sent a message of dignity to all of Europe. | |
"The deal is difficult but we averted the pursuit to move state assets abroad," he said. "We averted the plan for a financial strangulation and for the collapse of the banking system." | |
Jeroen Dijsselbloem, the head of the eurozone group of finance ministers, said the agreement included a €50bn (£36bn) Greece-based asset fund, of which €25bn would be used to recapitalise Greek banks. | |
Parliaments in several eurozone states have to approve any new bailout. | |
"The road will be long, and judging by the negotiations tonight, difficult," German Chancellor Angela Merkel said on Monday morning. | |
Eurozone leaders had been meeting in Brussels for about 17 hours, with talks continuing through the night. | Eurozone leaders had been meeting in Brussels for about 17 hours, with talks continuing through the night. |
During the night, reports emerged that Greece was holding out over the proposed role of the International Monetary Fund (IMF) in a new programme, and over the fund to hold Greek assets. |