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Greece debt crisis: Eurozone summit reaches agreement | 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. | 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". |
Prime Minister Alexis Tsipras said that after a "tough battle", Greece had secured a "growth package" of €35bn (£25bn), and won debt restructuring. | |
Greece will now have to pass reforms demanded by the eurozone by Wednesday. | Greece will now have to pass reforms demanded by the eurozone by Wednesday. |
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"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. | |
"The deal is difficult but we averted the pursuit to move state assets abroad," Mr Tsipras 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 Greece-based fund that will privatise or manage Greek assets. Out of that €50bn, €25bn would be used to recapitalise Greek banks, he said. | |
Greek banks have been closed for two weeks, with withdrawals at cash machines limited to €60 per day. The economy has been put under increasing strain, with some businesses closing and other struggling to pay suppliers. | |
Parliaments in several eurozone states have to approve any new bailout. | 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. | "The road will be long, and judging by the negotiations tonight, difficult," German Chancellor Angela Merkel said on Monday morning. |
French President Francois Hollande said the agreement had allowed Europe to "preserve integrity and solidarity". | |
"We also had to show that Europe is capable of solving a crisis that has menaced the eurozone for several years," he said. | |
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. | 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. |
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