Eurozone Clinches Deal with Greece

Greece's PM Tsipras listens to France's President Hollande next to Belgium's PM Michel during an euro zone leaders summit in Brussels
REUTERS/Francois Lenoir

Euro zone leaders clinched a deal with Greece on Monday to negotiate a third bailout to keep the near-bankrupt country in the euro zone after a whole night of haggling at an emergency summit.

“Euro summit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms and financial support,” European Council President Donald Tusk announced on Twitter, referring to the European Stability Mechanism bailout fund.

However the tough conditions imposed by international lenders led by Germany could bring down Prime Minister Alexis Tsipras’ leftist government and cause an outcry in Greece. Even before the final terms were known, his labour minister went on state television to denounce the terms.

“We were able to keep the unity on keeping Greece inside the eurozone,” Slovenian Prime Minister Miro Cerar said on his Twitter account.

EU officials said Tsipras finally accepted a compromise on German-led demands for the sequestration of Greek state assets to be sold off to pay down debt. The terms of the agreement were not immediately known.

Read more at Reuters