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| Greece and eurozone reach agreement in bailout talks | |
| (35 minutes later) | |
| The Greek government and its eurozone creditors have reached an agreement after marathon overnight talks on a third Greek bailout. | |
| After almost 17 hours of talks between eurozone leaders, Donald Tusk, the head of the European Council, announced that the 19 leaders of the eurozone had unanimously reached agreement. He said they were “all ready to go” on a new programme for Greece under the eurozone bailout fund, the European Stability Mechanism, adding that Athens had signed up to “serious reforms”. | After almost 17 hours of talks between eurozone leaders, Donald Tusk, the head of the European Council, announced that the 19 leaders of the eurozone had unanimously reached agreement. He said they were “all ready to go” on a new programme for Greece under the eurozone bailout fund, the European Stability Mechanism, adding that Athens had signed up to “serious reforms”. |
| The hard-fought political deal is likely to be only the start of yet another round of talks to hammer out the small print of a bailout plan. | The hard-fought political deal is likely to be only the start of yet another round of talks to hammer out the small print of a bailout plan. |
| Investors responded immediately, sending the German Dax up 1.4% and FTSE100 up almost 1%. | Investors responded immediately, sending the German Dax up 1.4% and FTSE100 up almost 1%. |
| Related: Greece debt crisis: deal reached after marathon all-night summit - live | Related: Greece debt crisis: deal reached after marathon all-night summit - live |
| Talks ran into the night after European leaders confronted Alexis Tsipras, the Greek prime minister, with a package of austerity measures which entailed a surrender of fiscal sovereignty. | Talks ran into the night after European leaders confronted Alexis Tsipras, the Greek prime minister, with a package of austerity measures which entailed a surrender of fiscal sovereignty. |
| A weekend of high tension that threatened to break Europe in two climaxed on Sunday at the summit of eurozone leaders in Brussels where the German chancellor, Angela Merkel, and the French president, François Hollande, presented Tsipras with an ultimatum. | A weekend of high tension that threatened to break Europe in two climaxed on Sunday at the summit of eurozone leaders in Brussels where the German chancellor, Angela Merkel, and the French president, François Hollande, presented Tsipras with an ultimatum. |
| This entailed a series of draconian measures as the price of avoiding financial collapse and being ejected from the single currency bloc. | This entailed a series of draconian measures as the price of avoiding financial collapse and being ejected from the single currency bloc. |