Monday, July 13, 2015

Euro leaders reach agreement on Greece bailout deal

Eurozone leaders have unanimously agreed on a bailout deal for Greece, says the European Union president.
Donald Tusk announced on Monday that the agreement would pave the way for Greece to remain a member of the euro by conducting "serious reforms and obtaining "financial support".                                             
The deal - if ratified by the parliaments of first Greek and then eurozone countries - would provide much needed cash "to get Greece back on track", according to Jeroen Dijsselbloem, Eurogroup president.
Tsipras agreed to tough reforms after 17 hours of gruelling negotiations in return for a three-year bailout worth up to 86 billion euros ($96bn), Greece's third rescue programme in five years.
He also said a fund wound be set up which would aim to reduce the country's debt and to cover the cost for re-capitalisation of banks.

Aljazeera

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