Greece Strikes Deal, Eurozone Saved


greeceEurozone leaders have struck a unanimous agreement on a bailout deal for Greece following all-night talks in Brussels, European Council President Donald Tusk tweeted Monday.

Tusk described the deal as including “serious reforms” and “financial support.” Eurozone leaders had missed a self-imposed midnight deadline to work through a deal preventing a Greek exit from the euro. While the details of the deal were not immediately clear, over the weekend eurozone finance ministers had proposed a list of measures including a temporary Greek time-out from the eurozone and transferring proceeds from privatizations of Greek assets valued at €50 billion into a fund to help pay down the country’s more than €300 billion in debt. It may also include pension and tax reforms rejected by voters in a referendum.

Greece is expected to pass the reforms demanded by its creditors by Wednesday.

Following the announcement of a deal, German Chancellor Angela Merkel said eurozone leaders would be willing to give Greece debt relief, but ruled out cutting the country’s debt level, adding that trust in Greece “needs to be rebuilt.” Read more.