Monday, July 13, 2015

Greece Crisis: Agreement Reached

Greece crisis: Agreement reached
Belgium's Prime Minister Charles Michel tweets "Agreement" from eht Euro summit. A Greece bail-out was agreed at Euro summit in Brussels Monday morning. For a second the EURO jumped to 1.18 US-Dollar.
The agreement was anonymously according to French media.The decisions apparently made in the past hours will shape not only the future of Greece, but also the fate of the European Union.
The leaders of the 19 nations that use the euro debated into early Monday morning whether to rescue Greece from the brink of financial ruin or cut the country loose from the currency bloc and let it fend for itself.
Eurozone leaders agreed they would give Greece another bailout as long as the government of Prime Minister Alexis Tsipras manages to implement a round of punishing austerity measures in the coming days.
Earlier the leaders hashed out a tough proposal put forward by European finance ministers, following marathon talks by the finance ministers on whether to approve a third bailout for Greece.
Early Monday Preben Aamann, spokesman for European Council President Donald Tusk, tweeted that the leaders were considering a compromise proposal following breaks for consultations.
Around 8.45 am the Belgium's Prime Minister Charles Michel tweeted 'agreement' from Euro summit.
If this is good news waits to be seen - at the very least it's expensive news for everyone. There are no winners.
Will tourism be a winner? This may be the best chance of a positive outcome for the Greek travel and tourism industry.
The Spectator reports: "Greece and its creditors have just agreed a third bailout deal – and already there’s a new hashtag campaign on Twitter protesting that #ThisIsACoup. Paul Krugman agrees. Why so? The terms of a €86bn bailout included the Greek government flogging some €50bn of assets which would be held in trust by some suitable institution outside of Greece. And if Greece didn’t agree? It should be offered “swift negotiations on time-out from the Euro” "
Merkel says eurozone willing to give Greece debt relief but rules out cut in debt level - @AP
Merkel says trust with Greece 'needs to be rebuilt,' backs negotiations with 'full conviction' - @AP
Merkel: 'It will be a long and arduous road'
German Chancellor Angela Merkel on Greek deal: 'All in all, I think one can say the advantages outweigh the disadvantages'
German Chancellor Angela Merkel says Greek to set up a privatization fund worth 50 billion euros, to be administered by European officials, and the revenue from the fund will be used to repay debts
President of the European Commission Jean-Claude Juncker: 'There is no Grexit'
Eurogroup finance ministers will, as a matter of urgency, discuss how to help Greece meet her financial needs in the short term with bridge financing, Tusk says - @Eucopresident
Eurogroup president Jeroen Dijsselbloem says Greek parliament will very quickly legislate on a number of issues, says agreements are concrete on where Greek proposals have to be strengthened further
President of the European Commission Jean-Claude Juncker: 'The agreement was laborious, it took its time but it has concluded'
EU's Donald Tusk: 'Today we had only one objective, to reach an agreement, after 17 hours of negotiations we have finally reached it'

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