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| Version 8 | Version 9 |
|---|---|
| Greek bailout deal agreed 'in principle' | Greek bailout deal agreed 'in principle' |
| (35 minutes later) | |
| Greece has agreed a bailout deal "in principle" with its creditors, the European Commission has said. | Greece has agreed a bailout deal "in principle" with its creditors, the European Commission has said. |
| The Commission said a technical agreement had been reached with Greece, which now requires political approval. | The Commission said a technical agreement had been reached with Greece, which now requires political approval. |
| Earlier, Greece's Finance Minister Euclid Tsakalotos had said "two or three small issues," were yet to be resolved with lenders, following overnight talks in Athens. | |
| A deal is needed to keep the country in the eurozone and avert bankruptcy. | A deal is needed to keep the country in the eurozone and avert bankruptcy. |
| Follow latest developments here | |
| The Greek government is hoping to push a new €86bn (£60bn) three-year agreement through parliament later this week. | The Greek government is hoping to push a new €86bn (£60bn) three-year agreement through parliament later this week. |
| The country needs a deal by 20 August, when it has a debt repayment of about €3bn to make to the European Central Bank. | |
| Technical deal | Technical deal |
| A European Commission spokeswoman said a technical deal had been reached last night between parties including Greece, the International Monetary Fund and the European Central Bank. | A European Commission spokeswoman said a technical deal had been reached last night between parties including Greece, the International Monetary Fund and the European Central Bank. |
| She said a series of phone calls between political leaders would now take place. | She said a series of phone calls between political leaders would now take place. |
| A Greek official said earlier that Greece agreed the function of a new independent privatisation fund, and how non-performing bank loans will be administered. | |
| Both issues had been key sticking points in negotiations. | Both issues had been key sticking points in negotiations. |
| "Finally, we have white smoke," the official said. | "Finally, we have white smoke," the official said. |
| Deregulation of the natural gas market, another sticking point, was also agreed. | |
| But Finnish Finance Minister Alexander Stubb sounded a cautious note, saying more work needed to be done with the details to finalise the agreement. | |
| The Eurogroup of eurozone finance ministers is to meet on Friday to discuss approval of the deal, Spanish Prime Minister Mariano Rajoy said. | The Eurogroup of eurozone finance ministers is to meet on Friday to discuss approval of the deal, Spanish Prime Minister Mariano Rajoy said. |
| His centre-right People's Party, which has a majority in the Spanish parliament, will be asking other parties to vote in favour of the agreement, he added. | His centre-right People's Party, which has a majority in the Spanish parliament, will be asking other parties to vote in favour of the agreement, he added. |
| Greek bailout deal - some key points* | Greek bailout deal - some key points* |
| *According to Greek reports - EU officials not confirming | *According to Greek reports - EU officials not confirming |
| What was the deal? | What was the deal? |
| July - Bailout deal at a glance | July - Bailout deal at a glance |
| Analysis: Robert Peston, BBC economics editor | Analysis: Robert Peston, BBC economics editor |
| The really hard negotiations start soon - on how to reduce Greece's massive debts, set to peak at close to 200% of GDP or national income in the next two years (according to the IMF) to an affordable level. | The really hard negotiations start soon - on how to reduce Greece's massive debts, set to peak at close to 200% of GDP or national income in the next two years (according to the IMF) to an affordable level. |
| Without debt write-offs, prosperity will never return to Greece, and its future in the euro will never be assured. | Without debt write-offs, prosperity will never return to Greece, and its future in the euro will never be assured. |
| With debt write-offs, populist parties throughout the eurozone will be able to claim to voters that they have nothing to fear and everything to gain from throwing out the mainstream establishment parties and re-asserting national sovereign rights to economic self-determination. | With debt write-offs, populist parties throughout the eurozone will be able to claim to voters that they have nothing to fear and everything to gain from throwing out the mainstream establishment parties and re-asserting national sovereign rights to economic self-determination. |
| Or to put it another way, euro politics and euro economics of Greek debt forgiveness point in diametrically opposed directions. | Or to put it another way, euro politics and euro economics of Greek debt forgiveness point in diametrically opposed directions. |
| Which is why no-one should see today's important bailout agreement for Greece as a permanent happy ending. | Which is why no-one should see today's important bailout agreement for Greece as a permanent happy ending. |
| Read Robert's blog in full | Read Robert's blog in full |
| Deal 'dissent' | Deal 'dissent' |
| Vicky Pryce, chief economic adviser at the Centre for Economics and Business Research in London, told the BBC that so far the Syriza prime minister Alexis Tsipras had managed to get support for the third bailout by relying on his opposition parties, which are "determined to see that the whole thing is actually sorted out, so that's not a very sustainable situation for the future". | Vicky Pryce, chief economic adviser at the Centre for Economics and Business Research in London, told the BBC that so far the Syriza prime minister Alexis Tsipras had managed to get support for the third bailout by relying on his opposition parties, which are "determined to see that the whole thing is actually sorted out, so that's not a very sustainable situation for the future". |
| Though the radical left-led government was elected on a staunchly anti-austerity platform in January, it was forced into a policy U-turn after bailout talks came close to collapse last month. | Though the radical left-led government was elected on a staunchly anti-austerity platform in January, it was forced into a policy U-turn after bailout talks came close to collapse last month. |
| How did Greece get here? | How did Greece get here? |