Jean-Claude Juncker (l.), Donald Tusk and Jeroen Dijsselbloem (r.) explaining the agreement with Greece.
The 19 euro countries have reached an agreement in the Greek debt drama in the early Monday morning after a 17-hour-long marathon session. First, it informed the Belgian Prime Minister Charles Michel with over the short message service Twitter.
This text is constantly updated. The latest developments can be found in our live blog.
Afterwards, EU Council President showed Donald Tusk, European Commission chief Jean-Claude Juncker and the euro group chief Jeroen Dijsselbloem visibly relieved during the joint press conference. “Today we had only one goal, to find an agreement. We are ready for an ESM program, that is, to further aid to Greece, “Tusk said. But there was strict conditions, including the approval of the Parliament in Athens.
“The benefits of the agreement outweigh the disadvantages,” said Chancellor Angela Merkel. She herself had advised during the mammoth negotiating separately several times with the Greek Prime Minister Alexis Tsipras and the French President François Hollande in a small circle on.
agreed by the Government, acting unanimously on a three-year long program of assistance for Greece. It should have a volume of more than 80 billion euros – most of it (more than 50 billion) is in fact a debt restructuring: Greece replaced debt, particularly against the European Central Bank and the International Monetary Fund significantly through new loans against the euro bailout fund ESM , In up to 25 billion euros creditors appreciate the need to nurse the ailing again as a result of capital controls and weaker economic development Greek banks.
until Monday morning, two core remained controversial: The future role of the International Monetary Fund and a privatization trust fund, the German Finance Minister Wolfgang Schaeuble had suggested at the weekend. Greek Prime Minister Tsipras has now both accepted – the IMF will continue to be committed and, above all, control, will be implemented whether and how agreed reforms
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Also, the Trust Fund is now decided. On him Greek assets to be transferred – he should sell them and thus achieve revenues of 50 billion euros. Up to 25 billion euros of which will be used to recapitalize the Greek banks. With the remaining funds, the Greek debt are based equally be repaid and the Greek Government can invest. That seems to be a compromise. The 12.5 billion euros from the privatization fund for direct investments are one of the points, “with which we have been received on the Greek concerns,” said Merkel. The fund itself is in Athens have its seat and not – as brought from Germany this week -. In Luxembourg
“We have a hard battle was fought,” Tsipras Commenting on the agreement. He pointed out that the issue of a Aussscheidens his country from the monetary union (Grexit) now belong to the past. And – probably mainly directed at his critics in their own country and in his own party – he said: “We have avoided that we are strangled financially and collapses our banking system.” And it was able to achieve a restructuring of Greek debt. This is a very important point, which should help him to keep the number of dissenters smaller in Syriza Party. In addition to the bulk of the new assistance program are probably longer maturities and again lower interest rates in the conversation, a nominal haircut comes after to the German Chancellor not. Tsipras turn admitted that radical reforms are needed in Greece, “to get rid of the old oligarchies”.
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Until Wednesday he must now bring the agreement through parliament in Athens – when this is done, be also the rest of the euro-countries parliaments, which must agree to come together (for example, the Bundestag).
In order to build the lost trust again, should Greece have already decided some laws by Wednesday and to show that it thinks the reforms seriously.
Most likely is that the Greek Government is no longer too long in its present form. A reshuffle is promptly possible. The Greek Labour Minister Panos Skourletis said on state television ERT, he expected elections later this year -. Because the current coalition is not muster enough votes even for the agreement, but on votes and the opposition parties should be first directed
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