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Monday, 13 July 2015

Greece - Eurogroup; Monday Morning; Unanimous Deal; Summit Agreement Statement; The Measures Agreed

The full Summit Agreement Statement (

Straight to the English text (pdf)

The Greek text (

Kathimerini on the Agreed Measures

PM Tsipras, Avgi report

PM Tsipras' Statement, Official Version

Doorstep departure

Reuters report - "Euro zone leaders made Greece surrender much of its sovereignty to outside supervision on Monday in return for agreeing to talks on an 86 billion euros bailout to keep the near-bankrupt country in the single currency. The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged leftist Prime Minister Alexis Tsipras to abandon promises of ending austerity and could fracture his government and cause an outcry in Greece.
"Clearly the Europe of austerity has won," Greece's Reform Minister George Katrougalos said"

Bloomberg report - Greece Capitulates to Creditors’ Demands to Cling to Euro - "Prime Minister Alexis Tsipras surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid Greece needs to stay in the euro. After a six-month offensive against German-inspired austerity succeeded only in deepening his country’s economic mess and antagonizing his European counterparts, there was no face-saving compromise on offer for Tsipras at a rancorous summit that ran for more than 17 hours".

Eurozone Leaders' Comments (Reuters)

Financial Times - "The closest Greece has come to leaving the eurozone was at around 6am on Monday morning, just as dawn was breaking over Brussels".

More about the deal, MSN/City AM

From CNN Money

Tsipras, From predator to prey (Bloomberg Business)

Not quite so únanimous bailout fund (MSN/The Telegraph)

John Psaropoulos, The New Athenian

Washington Post - Greek leader’s debt deal ignites revolt at home

The Telegraph report - "EU demands Britain joins Greek rescue fund"

MailOnline - "British taxpayers will be liable for £1BILLION of emergency loans to Greece as European Commissioner tears up 'black and white' deal to protect UK from bailout bills"

Guardian report - "Government opposes use of stability mechanism known as EFSM, to which UK Treasury contributes, as part of overall Athens rescue package"

The Guardian - "Prime minister faces tough task to keep his Syriza party united, as former finance minister Yanis Varoufakis likens bailout proposal to 1919 Versailles treaty",

Earlier reports:

The Guardian had this report last night. - Euro Summit - press conference by Donald TUSK, President of the European Council and EC President Jean-Claude JUNCKER

MSN/Sky report

Kathimerini report on pensions bill

No end to Greek drama


BBC, Katya Adler:  "Greece debt crisis: Yawning rifts between European superpowers"

From Peter Spiegel tweet:

Peter Spiegel ‏@SpiegelPeter
Just got leaked version of final #Greece agreement. Here's the language on then new €50bn fund.

"Good morning. Today, we had only one objective: to reach an agreement. After 17 hours of negotiations, we have finally reached it. One can say that we have 'agreekment'. Leaders have agreed in principle that they are ready to start negotiations on an ESM programme, which in other words means continued support for Greece.

There are strict conditions to be met. The approval of several national parliaments, including the Greek parliament, is now needed for negotiations on an ESM programme to formally begin.

Nevertheless, the decision gives Greece a chance to get back on track with the support of European partners. It also avoids the social, economic and political consequences that a negative outcome would have brought. I welcome the progress and the constructive position of Greece that helps to bring back trust among euro zone partners.

Following national procedures, the Eurogroup will work with the Institutions to swiftly take forward the negotiations. Finance ministers will also as a matter of urgency discuss how to help Greece meet her financial needs in the short term, so-called bridge-financing.

I would like to thank the President of the Commission Jean-Claude Juncker and the Eurogroup President Jeroen Dijsselbloem for their dedication and involvement in this progress. Without your work, today's agreement wouldn't be possible. Thank you".

More tweet comments:

Enrique Diaz-Alvarez ‏@EnriqueDiazAlva
@SpiegelPeter This sounds like a substance-less sleight of hand to appease German yahoos.

Iasonas ‏@jmakv
@SpiegelPeter the way I 'm reading it, a large chunk of the "assets" will be recapitalized bank stock

Damian Mac Con Uladh ‏@damomac
Everyone knows the €50bn privatisation target is a fiction. Who will tell the empress that she's wearing no clothes? #Greece

From Svenska Dagbladet: ”Innebär inte automatiskt att krisen får ett slut”

Tara Palmeri@tarapalmeri

Here's the list of reforms in the #Eurogroup draft that Greek government has to pass by Wednesday to get bailout

Helena Smith, The Guardian - Was this humiliation of Greeks really necessary?

Travel and holidays (Telegraph) -Travel firms cut prices for holidays to Greece - Return flights to Greece this month now cost £181 on average, down from £335 this time last year

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