Greece reaches 11th hour deal over EU bailout

Europe-European-Flags-EU-700.jpg

Angela Merkel, François Hollande and Alexis Tsipras have reached a compromise deal on Greece after all night talks.

The trio of Euro leaders announced in a press conference that a deal has been struck which will be worth €86bn-€87bn over three years, reports the FT.

“The decision gives Greece the chance to get back on track with the support of its European partners,” said Donald Tusk, European Council president. Merkel said that trust with Greece needed to be rebuilt.

It appears Greece has agreed to stricter reforms, including VAT and pension changes it had fought fiercely to protect.

The deal could end months of drama and talks for the eurozone countries, with these latest raft of talks being rumoured to have become heated and violent at points.

Of the €86bn needed by Greece, €12bn is needed in the next month and €10bn immediately for bank recapitalisation.

“I welcome the progress and the constructive progress of Greece that brings back trust among European partners. Eurogroup will work with institutions to swiftly move forward the negotiations,” said Tusk.