Euro zone reaches agreement on Greece, offers third bailout image

Euro zone reaches agreement on Greece, offers third bailout

by IBNS 13 Jul 2015, 09:44 am

#Euro zone reaches agreement on Greece # offers third bailout

Brussels, July 13 (IBNS) Leaders of Eurozone have unanimously decided to go ahead with a third bailout loan for near bankrupt Greece, said European Council President Donald Tusk after a crucial meeting here to keep Greece in the Euro zone.

"Euro Summit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support," tweeted Tusk after nightlong meeting.
 
He said finance ministers will as a matter of urgency discuss how to help  Greece meet her financial needs in the short term (bridge financing).
 
Following national procedures, the  Eurogroup will work with the Institutions to swiftly take forward the negotiations, he said.
   
The people of Greece earlier gave a resounding rejection in a referendum to the Eurozone’s austerity terms for a bailout.
 
Writing on his blog on Monday morning he said that he would be stepping down immediately after pressure from Greece’s European partners.
 
Greeks on July 5 delivered a  rebuff to Europe's leaders, decisively turning down  a deal offered by the country's creditors.
 
More than 61 percent of the voters had said no to a deal that would have imposed greater austerity measures on the beleaguered country, facing a prolonged recession, high unemployment and banks being perilously low on capital.
 
Greece defaulted on an International Monetary Fund loan repayment, becoming the first developed nation to do so.
 
The voters' 'no' could have the cash-starved Greece to a new path forcing it to  start issuing its own currency and become the first country to leave the 19-member Eurozone, established in 1999.
 
The no votes gave a sweeping victory to Prime Minister Alexis Tsipras, a leftist who came to power in January vowing to reject new austerity measures.
 
Tsipras after the vote went on television briefly to say he would resume negotiations immediately. He said that the vote was not a mandate for "rupture" with Europe and that it would strengthen his ability to negotiate a "viable'' future for Greece in the Eurozone.

 

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