Greece Gets Bailout Deal at Euro Summit



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After more than 16 hours of deliberation, the Eurozone’s leaders agreed to save Greece by keeping it in the Eurozone and offer the debt-ridden country a much needed bailout agreement.

Speaking on the deal after the Summit, Prime Minister Alexis Tsipras said that “Greeks fought a hard battle to win a difficult deal.” Watch the Greek PM’s statement here.

The official announcement of the Summit’s results was made by European Council President Donald Tusk.

“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,” said Tusk.

The support comes with strict conditions Greece will need to meet and pass into laws.

“Nevertheless, the decision gives Greece a chance to get back on track with the support of European partners,” added Tusk.

The past two days the Greek delegation faced resistance on its proposals, particularly from Germany. After Sunday’s Eurogroup meeting, which took place a short while before the Eurozone Summit,  Eurogroup President Jeroen Dijsselbloem submitted a list of 12 reforms that the Greek parliament would have to officially adopt by Wednesday so that negotiations for a European Stability Mechanism bailout package could continue.

The Summit was interrupted more than 4 times so Greek Prime Minister Tsipras could meet privately with French President Francois Hollande, German Chancellor Angela Merkel and European Council President Donald Tusk.

The four officials discussed whether the International Monetary Fund would be part of the deal, the privatization of 50 billion dollars of public property to be transferred in a special fund, the issue of the Greek debt and finally the liquidity of the Greek banks. Reports say that there were conflicting views on these matters.

Although the deal averts a Grexit, Greece will have to go through another round of harsh austerity measures that would have to be voted this week at the Greek parliament.

Also, several other national parliaments will need to give their approval, including the Greek parliament, says President Tusk.

Prior to the summit, Merkel had expressed her concern over the situation and noted that Greece has lost it trustworthiness.

The first to break the news of the Greek deal was Belgian Prime Minister via twitter:


38 COMMENTS

  1. If there is a deal, Greece has the U.S. to thank for it. Although, if there is no close supervision of how the funding is used, a loan to this Greek government would be a huge mistake.

  2. Why? There was no debt relief in the offer. The Germans made demands more extreme than any paranoid rambler on one of Greece’s small local TV stations and so they “compromised” on something far, far worse than the previous outer limits of acceptability.

  3. I don’t think so. A single day hasn’t passed yet.
    Give it a couple months for these wonderful reforms to take effect.
    Perhaps a bit like the wonderful reforms of the past six years………….

  4. Wrong. The U.S. was involved, unfortunately. As I am a former U.S. Judge with the Florida BPR, which is part of the U.S. Federal Trade Commission, and which deals in international issues, I speak with friends at high management levels in the U.S bank regulatory commission, and the U.S. Treasury Dept. that I worked with in the past.

    I spoke with one of them Saturday night. I now live in Greece so they let me know what’s going on behind the scenes. So you have no idea what you are talking about.

    I also made them aware of laws in Greece in which politicians can not be prosecuted for corruption, as well as they get interest free loans from the Greek treasury. Look for those laws to disappear hopefully, as part of the reforms.

    The deal is NOT done yet. No one trusts Greece. Quite frankly, I would have preferred to have had Obama keep his nose out of it, and let these Greek Marxist self destruct.

  5. Yes, and who could blame them. These Greek clowns in government have not done one thing they have agreed to do. They even made the previous loans illegal, so they could justify not repaying them. The Germans were right in what they did.

    The U.S., and the rest of the EU want those reforms voted into law BEFORE Greece gets any bailout money. The Germans are also correct on securing 50 billion in Greek assets as collateral on this new loan. That way at least the bailout money is covered if Greece breaches the agreement.

    You have your incompetent Marxist leader Tsipras the clown, to thank for now having harsher conditions than the original agreement, It’s no one else’s fault other than Greece’s fault.

  6. You are as smart as a box of rocks, as well as being dense. There will be no debt write off. They may change the payment terms, but no debt write off.

  7. Yes, so NATO can continue to build toward war with Russia uninterrupted.

    The US did less than nothing.

    Within 3 years Greece will give up on the single currency, put the Drachma along side the (failing) EURO and go with the BRICS, EAEU, AIIB with their own gold backed Drachma for international trade (New World Financial System).

  8. Exactly! The first years……and after that?
    I think the Greeks need to learn to look past the end of their nose.

  9. LOL, LOL, LOL. BRICS is already going down the financial toilet. Obviously, you are not up on current events. China has serious financial problems, due to the fact they have been selling their products for less money than it cost to manufacture them, and demand has dropped. Big problem, as the bill is due.

    You are wrong regarding the U.S. but I’m not going to try and educate the ignorant.

    I own a manufacturing facility in China right now. It manufactures products for Luxottica. Ever hear of them ?

  10. Hey guys. READ THE DOCUMENT. The document is NOT A LOAN AGREEMENT. The “Greekment” document is NOT binding at all. As a matter of fact, it does not guarantee Greece a loan at all.

    The “Greekment Document” is simply an implied agreement to OPEN TALKS ONLY regarding Greece’s bailout loan request. It states “IF”, and that is a very big “IF” Greece meets certain requirements by the EU in reforms, WHICH THE EU MUST APPROVE’, then the EU is willing to OPEN TALKS ONLY on Greece’s loan request. The “Greekment Document” does NOT guarantee Greece gets ANY bailout loan money.

  11. He talked mostly with the Treasury Secretary, and your Texican government wants what you do not: debt reduction.

  12. Don’t accept Greece!! The Germans will want your assets as collateral & then sell your islands. They didn’t even write off half the debt. How dare they?

    Greece’s Western valued pensions will be cut to that of nearing the Balkans, well it will still be higher & maybe that civil servants single, unmarried ugly daughter pension (over 35) will be cut also. Nobody in the world has this sort of pension. This pension is the highest factor that has put a massive dent in Greece’s deficit.

    Hopefully on Thursday Alpha Bank will open.

  13. As long as you don’t dismantle it & sell it for parts like the Greeks did with the Elgin marbles & then whinge to the world that it was stolen.

  14. Who cares about the conditions as long as there is a euro in their pocket today….live for today is Greece’s motto

  15. why did Tsipras waste time and money with a referendum if the only option he has is to accept a deal? the deal goes against everything he promised, the honorable thing for him to do is resign but this man is nothing but an absolute liar – he has not kept ONE promise, its no wonder the europeans do not trust him.

  16. so why has Tsipras agreed to the deal? why has he not resigned? WHY IS HE Lying TO US TO STAY IN POWER? Everything he said before the election, the entire election manifesto he presented is a lie!!!!

  17. Actually I should ask the Greek people if they wanted some of those statues for free, I’m not sure what they would get for them though they do look quite gross…

  18. Well……………… it looks like many of you owe me an apology. I hate to be the one to remind you ” I told you so”.

    Read the Greek Reporter article today regarding the Greek Vice President, thanking the U.S. today for making this proposed deal (Greekment Document) happen.

    So to all those that falsely claimed the U.S. was NOT involved in the Greekment Document proposal………..YOU WERE WRONG, AND YOU HAD NO IDEA WHAT YOU WERE TALKING ABOUT. Today’s revelations regarding the Greek Vice President thanking the U.S. for it’s participation…………. verified your ignorance on this issue.

  19. LOL, LOL, LOL. No, you aren’t Bill Gates. But your comments have proven you are very ignorant, and don’t know what you are talking about. As you can see by the article in The Greek Reporter today, the Greek Vice President just thanked the U.S. for putting the new proposal together.

    Next time, you should just stay quiet and let people just assume you may be ignorant, instead of opening your mouth…….. and confirming it.

  20. Really ? See how I just made you look foolish again ? You make it so easy. As you can see, the U.S. was directly involved. My comments have stated that the only way a deal happened was with the U.S. getting involved.

    As you can see by today’s Greek Reporter reporting, The Greek Vice President, just thanked the U.S. for putting the recent proposal agreement outline together, and without U.S. help it probably would not have happened.

    So Justin, looks like I proved you wrong…………….AGAIN.

  21. Irony ? No, I posted facts, and everything I represented was true. I speak with these U.S. officials on an almost daily basis. They know everything going on here in Greece. There are many things I am aware of, I won’t post a comment about regarding Greece.

    You at least had the courage to show your face here, although you did not admit you were wrong………..which you were. That was more than these other clowns did, as they have disappeared.

    So Bill Gates, next time you might want to listen.

  22. Of course it was a lie! But the truth-tellers were KKE and XA, not ND or PASOK.

    And for what’s it worth, I supported ANEL until this past night’s vote!

  23. Most of those “reforms” would be laughed out of the Bundestag. Obviously, you haven’t read the agreement. It has nothing to do with normalising the Greek economy, which grew much faster than the German economy from 1990-2007, but with stripping it of assets which will be sold largely to the same financial interests whose Greek bond holdings were bailed out in the first place at the Greek workers’ (and to a far lesser extent, German taxpayers’) expense!

  24. The whole world blames Germany, except the Germans, who never admit fault, except for the Holocaust (but not for the WAR).

  25. You can place them next to the Greek ruins….you know, the Athens Olympic sites that are abandoned derelict sites. How about one in your front yard?