The leaders of the European Union met today in Brussels to begin talks on Greece and a new Greek bailout agreement after the July 5 referendum.
Below is their full statement after tonight’s Euro Summit:
1. We met tonight to discuss the serious situation in Greece. We noted that the euro area authorities stand ready to do whatever is necessary to ensure the financial stability of the euro area as a whole.
2. Following the Greek referendum, Prime Minister Tsipras committed to present a new request for a programme within the framework set by the ESM Treaty, including strict policy conditionality.
3. We agreed to urgently examine whether it is possible to establish a basis for finding an agreement that respects existing commitments and our common rules.
4. The Greek government will on Thursday 9 July at the latest set out in detail its proposals for a comprehensive and specific reform agenda for assessment by the three Institutions to be presented to the Euro Group.
5. The Heads of State or Government will meet on Sunday 12 July.
President Donald Tusk made the following statement after the leaders’ common announcement.
Let me add a few words from my own perspective. All sides of the negotiations share the responsibility for the currentstatus quo. That is why today I called on all leaders to try to find consensus, which will be our common success, with no losers or winners. If this does not happen it will mean the end of the negotiations with all the possible consequences, including the worst-case scenario, where all of us will lose. Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system. And for sure, it will be most painful for the Greek people. I have no doubt that this will affect all Europe also in the geopolitical sense. If someone has any illusion that it will not be so, they are naive.
The stark reality is that we have only five days left to find the ultimate agreement. Until now, I have avoided talking about deadlines. But tonight I have to say loud and clear that the final deadline ends this week. All of us are responsible for the crisis and all of us have a responsibility to resolve it.
Watch statements by Jeroen_Dijsselbloem of the Eurogroup, Jean-Claude Juncker of the European Commission and Donald Tusk of the European Council, on Greece’s unknown future.