European Union reached an agreement on aid to Greece - ForumDaily
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The EU reached an agreement on aid to Greece

Eurozone leaders reached a new agreement at an emergency summit on the Greek crisis. The first messages about this appeared on Twitter from the summit participants in Brussels.

“Agreement,” reads a tweet from Belgian Prime Minister Charles Michel.

Following this, the President of the European Council, Donald Tusk, announced that unanimous agreement had been reached to provide financial assistance to Greece within the framework of the European Stability Mechanism (ESM - a permanent financial stabilization fund for the eurozone countries), as well as to carry out serious reforms in Greece.

“The European summit unanimously reached an agreement. “Everything is ready for the ESM program combined with serious reforms and financial assistance,” Tusk tweeted.

“We managed to avoid Grexit,” European Commission President Jean-Claude Juncker announced at a press conference in Brussels. Most analysts predicted that the failure of the Brussels summit would mean Greece's exit from the eurozone.

Juncker also said that the agreements reached at the summit suggest that by Wednesday a new agreement should be approved by the Greek parliament. Then the terms of the new package of financial assistance to Greece must be approved by the parliaments of several other eurozone countries, including the German Bundestag.

Word beyond the Greek Parliament

“I am confident that the Greek parliament will be able to approve all these decisions that have been reached today,” said Jean-Claude Juncker.

According to Eurogroup head Jeroen Dijsselbloem, “trust was the main issue.”

“We looked at reforms, debt and financial needs. We were able to reach agreement on all these issues in order to return Greece to the path of stability,” Dijsselbloem said at the end of the Brussels summit.

“The situation in Greece is very tense, it is in Greece’s interests to go through all these steps. I have no reason to doubt the adopted plan; the laws have already been prepared. I think trust can be restored,” German Chancellor Angela Merkel said when asked whether the Greek parliament would ratify the reform program agreed at the summit.

“We have always talked about this as a three-year program, during which major changes must be carried out, a complete reform of the pension system, privatization and labor market reform,” Merkel emphasized at a press conference in Brussels.

According to her, 25 billion euros will be allocated for the recapitalization of Greek banks. Banks will subsequently be privatized. This fund will be spent under the control of international lenders.

"Hard Battle"

“It has been a tough battle and now we face difficult decisions,” Greek Prime Minister Alexis Tsipras said. “We took responsibility for these decisions in order to prevent the implementation of the most extreme plans of conservative circles in Europe.”

“We managed to restructure the debt and secure medium-term financing. Greece will continue to fight to be able to return to growth,” Tsipras said.

Leaders of the eurozone countries spent almost the entire night from Sunday to Monday - for 17 hours - held tense negotiations in Brussels, trying to agree on the terms of providing further loans to Greece.

Without major new loans, Greek banks could go bankrupt, and Greece would be on the verge of leaving the eurozone.

Greek Prime Minister Alexis Tsipras presented proposals that take into account many EU requirements, but the European Union remained distrustful of these proposals, since many leaders - primarily German Chancellor Angela Merkel - insisted on guarantees of the promised reforms.

Miscellanea EU Eurozone help EC euro Greece
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