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Greece reaches 11th hour deal over EU bailout

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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.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. What a farce. So Tsipras takes it back to his funny ram (oops I mean Parliament) and are they going to do a complete volte face? Even if they do – what of the population. These daft people are likely to riot, not understanding that getting chucked our will make matters infinitely worse for them. Or perhaps they are deluded enough to imagine that the creditor nations (who also have voters) are willing just to shovel money in their direction.

    They should have been chucked out months ago and by now a lot of the dust would have settled and we would all be using less newsprint.

  2. Julian Stevens 13th July 2015 at 5:02 pm

    As will be reported on this evening’s news, the conditions imposed for this next bail-out mark in no uncertain terms an end to the EU allowing Greece to sign up to conditions with which it has little if any intention of complying in practice. This time, at last, there’s no “deal”. It’s an ultimatum. The offer is based on salvation or perdition, basically This is what you’ll do and, if you don’t, go back to Athens and prepare for economic meltdown.

  3. Julian Stevens 13th July 2015 at 8:11 pm

    BTW ~ it’s a 12th hour deal, not 11th. By the end of the 11th hour, there’s still an hour left ’til midnight.

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