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” "

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