Updates by Sjoerd Klumpenaar
The key points for today
The main elements of a long night and an eventful day in a row:
- With some suspensions take continuing negotiations since Sunday 16:00. Greece and Germany were on a collision course over a privatization fund for state property. Tsipras has also disagreed with interference by the IMF
- At about nine has come:. Gather after nineteen hours presented the European creditors and the Greek delegation agreement (pdf). The deal includes tough austerity for the Greek government, in exchange for an aid package of 80 billion euros
- The main points of the agreement leak quickly from:. The required VAT, tax and pension reforms to come. A fund will be created to be used to pay off debt, make investments and to recapitalize banks. Also: This is what we know about the agreement
- The Greek newspapers open ruthless and turn especially against German Chancellor Merkel. Direct and indirect references to the Second World War are not taking the air.
- After agreeing to follow press conferences. Meanwhile, Greek Prime Minister Tsipras left for Athens, where he would face the next days is a tough job. On Wednesday, the Greek parliament must approve the agreement Also NRC. Q: There is an agreement how to proceed
- The European Central Bank is noon known it? aid ceiling for the Greek banks not to increase. For the banks, there will be no extra money available to help Greek citizens. The Ministry of Finance confirmed that the banks remain closed until Wednesday.
- The euro group is scheduled to discuss the agreement and to vote for a new president. Jeroen Dijsselbloem is told that he will get a second term as Eurogroup chairman.
- Premier Tsipras has already arrived in Athens, where he speaks with his team of ministers and later with coalition party Independent Greeks. The latter does not give its support to the agreement, through party leader Panos Kammenos, but will remain in the coalition.
- In a press conference Eurogroup chairman Jeroen Dijsselbloem outlines the agenda for the coming days. Wednesday, the Greek parliament approves the agreement, after which the Eurogroup will meet by telephone. If the Greeks approve the proposal, the vote on Thursday and Friday seven other European parliaments on the agreement – including the parliament. Dijsselbloem expressed hope Friday to hold a final call Eurogroup meeting.
- That the negotiations are not over yet. Dijsselbloem estimates that could last the negotiations on the support package in four rather than two weeks. “And that I am still optimistic.” For today seems a final Grexit thus averted, but the negotiations on a Greek deal are as yet not completed.
This concludes the live blog for today.
Ministry of Finance: Banks remain permanently closed until Wednesday
The Greek banks remain permanently closed until Wednesday. This confirms the Greek Ministry of Finance to Reuters. Earlier today, two bankers were already known to the news agency that the banks remain closed until Wednesday, the Ministry kept it at ‘indefinitely’.
Greek parliamentary speaker occurs tomorrow off
Sources tell the Greek newspaper Kathimerini that parliament speaker and Syriza parliamentarian Zoe Konstantopoulou tomorrow announces her resignation. Previously, the message went all round the Konstantopoulou the ballot would stall because she does not agree with the deal Prime Tsipras.
According to New York Times journalist Nikki Kits Antonis is a fellow parliamentarian of SYRIZA threatened to block its motion unless Konstantopoulou step down.
Officials announce strike
The union of Greek Officials have a 24-hour strike announced today. This was reported by news agency AFP. Officials can not live with the Greek deal and will therefore Wednesday stop working.
Associate Tsipras Coalition supports Greek deal not
Coalition Independent Greeks Panos Kammenos has confirmed that the deal that Prime Minister Tsipras it has taken in Athens, not support. With 149 seats has Tsipras’ Syriza party a majority in the parliament, he had Independent Greeks needed. Now Tsipras knock on the opposition, something it last week already succeeded.
Kammenos said he rejects the deal with the creditors, but that he would remain in the coalition government. Kammenos was defense minister in the government Tsipras (Reuters)
Dijsselbloem: Friday last conference eurogroup
As long as the Greek deal by all parliaments is adopted, there may be at the end of the week, a final conference call between the finance ministers in the euro zone. That made the evening re-elected Eurogroup chairman Jeroen Dijsselbloem just announced at a press conference. The Eurogroup will Wednesday night or Thursday morning hold a first conference call, when the Greek parliament voted on the deal concluded this morning. Then you can vote by seven national parliaments, including the parliament.
Dijsselbloem re-elected as Eurogroup chairman
Jeroen Dijsselbloem during the Eurogroup in Brussels re-elected as chairman. He gets a new period of 2.5 years, which makes Luxembourg which holds the rotating presidency of the EU.
IMF ready to talk with Greece
In a statement, the International Monetary Fund has announced that it is ready to enter into discussions with the Greek authorities and the European creditors. IMF chief Christine Lagarde issued by the credit fund report of the overnight session meeting in Brussels. The fund hopes to soon progress to be made.
‘Parliament President slows mood
According to Zeit journalist Zacharias Zacharakis trying parliament president Zoe Konstantopoulou delaying the voting procedure in Athens. Konstantopoulou also MP for Tsipras’ Syriza party, let go all do not agree with the European creditors, which she described as “racketeers” put away.
Tsipras consults with ministers
Premier Tsipras is back in Athens and is currently in discussions with his ministerial team on the agreement signed this morning. Later today he speaks coalition partner Panos Kammenos, leader of the party Independent Greeks.
This must still pay Greece 2015
deal that closed this morning the Greeks, does not affect the outstanding debt of Greece. The Greek government is still a decent amount owed to other creditors, including a 1995 loan written in Japanese Yens, worth 146 million euro to be paid tomorrow. If this fails, it is feared that other loans can not be repaid. A week later, a refund to the ECB’s 3.5 billion.
Read the list that made the British newspaper The Telegraph.
NATO chief: good deal for European security
Also Secretary General of NATO Jens Stoltenberg commented on the Greek deal. During a working visit to Slovenia, said Stoltenberg with Associated Press
The deal is good for Greece, good for the EU and Europe, NATO -. For everyone so. This is not just about stability and progress, but also to safety.
Greek deal is good at trade shows worldwide
Both in Europe and in the United States is relieved responded to the deal between Greece and the European creditors. The Amsterdam AEX opened this morning 1.6 percent higher and keep that rate provisionally. In Frankfurt and Paris was achieved 1.1 and 1.8 percent gains respectively. The US Dow Jones Index recorded in opening a plus of 0.8 percent. Nasdaq technology index also opened 0.8 percent in the plus.
Eurogroup started
Recently, the Eurogroup has started. At the meeting of Finance Ministers discussed the deal with Greece. Also will vote on who the new Eurogroup chairman. Among others, the current Chairman Jeroen Dijsselbloem and the Spanish Minister Luis de Guindos have applied.
Greek banks certainly close to Wednesday
The Greek banks certainly remain closed until Wednesday. That report two Greek bankers Reuters after a meeting with Greek Finance Minister Math Inequality Euclidean Tsakalotos. Earlier today, made the Greek Ministry of Finance announced that the banks will remain closed indefinitely.
Timeline: Dijsselbloem as Eurogroup chairman
So there is yet voted on who the new Eurogroup chairman. It is possible that the current chairman Jeroen Dijsselbloem is re-elected. Politico put Dijsselbloem’s first term as Eurogroup chairman set in a timeline.
Look at that here.
Dijsselbloem: election goes by
The election of the Presidency of the Eurogroup continues today through. Reported Jeroen Dijsselbloem itself, reports NOS correspondent Arjan Noorlander. Dijsselbloem is positive about his chances, making in his own words he chance to be reelected.
There seemed to first talk of a deferred election because two ministers of the euro group had already left Brussels.
Tsipras in explanation: it was a tough battle
The Greek prime minister Tsipras has announced in a statement that it was a tough battle, but the deal was closed this morning will ensure that the Greek public finances are in order. Tsipras wrote that can potentially be grown again, provided that all measures are implemented. Precisely that is going according to Tsipras be a tough job; The measures go in the agreement provide for a recession.
‘Tusk saved Greece and Europe for Grexit
The British newspaper Financial Times gives a remarkable insight into the negotiations. The newspaper was a Grexit around the clock six this morning almost inevitable. German Chancellor Merkel and Greek Prime Minister Tsipras were on a collision course and could gather after hours not agree. Ultimately, it was the Polish president of the European Commission Donald Tusk who saved the day.
Step ECB shows caution towards deal
According to NRC economics editor Maarten Schinkel is the step of the European Central Bank, which is the ceiling on Greek banks showed similar, surprising.
“The expectation was that the ECB would increase support to Greek banks slightly so that the banks could do more for Greek citizens. That ceiling is now maintained is therefore quite striking, and shows how much caution the ECB meets the needs of the deal. ”
ECB maintains ceiling Greek banks
The European Central Bank let the Greek aid package unchanged. Reported Bloomberg correspondent Mark Barton.
Stemming presidency postponed Eurogroup
Voting over the chairmanship of the Eurogroup is perhaps postponed. Reported Financial Times correspondent Peter Spiegel according to a senior EU official. Because two ministers, including the Greek, Brussels would have left there would be no vote be possible. The current chairman Jeroen Dijsselbloem has already announced open for a second term.
Greek banks remain closed indefinitely
A spokesman for the Greek Ministry of Finance has announced that the Greek banks remain closed until further notice. Reported Reuters. The spokesman could not say how long this bank holiday still going to last. Much depends on the European Central Bank, which the Greek banks from emergency credit must provide to deliver money. In late June, the Greek banks were closed indefinitely after Greek savers had taken billions of the bank and banks were close to bankruptcy.
German parliament voted Friday
The German parliament debates and probably vote on Friday on the European agreement with Greece. That the president of the German parliament, Norbert Lammert, told news agency DPA. The Germans first wait for the debate and vote in the Greek parliament Wednesday. If the Greek parliament agrees, the German parliament will be called back from the summer break for a special meeting on Greece.
Germany is one of the six euro countries below which the National Assembly must approve the Greek deal. The other five countries are the Netherlands, Austria, Finland, Slovakia and Estonia. The parliament debate in principle Wednesday on the deal, but it can also be Thursday with a view to the debate in the Greek parliament on Wednesday.
Varoufakis, ‘we might as well sing the Swedish national anthem
In his first interview after his departure, has Yanis Varoufakis let on that he has resigned his post with his resentment against the euro group. In the interview with the New Statesman left the former finance minister know how the discussions were, according to him. According Varoufakis the Eurogroup was no place to talk about economic disparities. “We might as well sing the Swedish national anthem, which had elicited the same reaction.”
Tsipras talks today with coalition partner
The Greek prime minister Tsipras met later today Panos Kammenos, defense minister and also leader of coalition partner Independent Greeks. This was reported by the Greek newspaper Kathimerini.
Greek parliament president could complicate assume proposal
The Greek Parliament President Zoi Konstantopoulou can adopt the Greek deal even pretty difficult. Konstantopoulou member of Tsipras ‘Syriza party, had previously announced that they are European creditors’ blackmailers ‘and found that they are the debts of her country “totally illegal, hateful and intolerable’ find.
In Focus: Seventeen hour wait (and meetings) in Brussels
It was an unusually long night in Brussels. We made the following picture overview.
Cameron: happy to deal
British Prime Minister David Cameron has announced through a spokesperson to be happy that a deal has been reached. Reported Reuters. The UK said that premium should not underestimate how hard it is to implement the deal actually. Cameron leaves regularly critical of European cooperation.
Updates by Laura Klompenhouwer
Speech Rutte
Look here the speech of Rutte back.
Summary of the morning:
It was 12:00, lunchtime. A brief summary of the events this morning:
– After 17 hours of negotiations announced leaders of the Eurozone this morning that they had reached a deal with Greece
– The main points of the agreement leaked soon out:. The required VAT, tax and pension reforms to come. A fund is also set up to be used to pay off debt, make investments and to recapitalize banks
-. The board of the European Central Bank’s decision later today about maintaining Be it increasing the liquidity support <. br /> – The Eurogroup elect a new president, the AD this morning reported that Finance Minister Jeroen Dijsselbloem (PvdA) today probably can count on a second term. That concluded the newspaper after a tour of all nineteen members
-. The Eurogroup, comprising finance ministers meet today further on the agreement reached. Also Wednesday after crucial vote in the Greek parliament, ministers consult again. This is a telephone conversation, according to the statement of Dijsselbloem
– Wednesday is an important day:. The Greek Parliament must then approve the whole plan, as well as various legislative changes, reforms should enable
– Next various national parliaments still have to approve the agreement: the Netherlands, Germany, Austria, Finland, Slovakia and Estonia
– Wednesday also argues parliament on the agreement
– The Greeks have for Monday next week 7.. billion euros (before payments to the ECB, interest and IMF)
Greece now has 7 billion needed
The deal between international creditors (European Commission, European Central Bank and International Monetary Fund) and Greece had to quickly come to prevent an even greater crisis, so much was clear. And now we know exactly why: Greece needs to Monday, July 20th 7 billion. Halfway through next month, once there 5 billion euros, as can be read on page 5 in the statement of the Eurozone. Shows Peter Spiegel of the Financial Times useful interpretation:
Two deadlines this month
Two important days, month: 15 and July 22
By Wednesday, the following should be done:
– simplifying it. VAT system and broadening the tax base to increase tax revenues
-. pension retrenchment to make pension systems future-proof
-. to ensure the full independence of the Greek statistics office ELSTAT
By next Wednesday the following must be met:
-. contribute to the Bank Recovery and Resolution Directive (BBRD). This directive requires, according to the Dutch Association of Banks, among other banks recovery and afwikkelplannen must draw so that they can be dismantled in a crisis in such a way that this has no effect on the financial stability and the government does not (again) need to jump
Nick Malkoutzis of the English version of the Greek newspaper Kathimerini:.
And yes, it leaks
You can call it a tradition: after every summit on the Greek crisis, leaks again negotiating texts. So now also. The well-established Peter Siegel of the Financial Times also gave striking passages similar to what interpretation
The key
We’ve created a message over the previously known main points of the agreement. Read here
Reactions
How did the Leaders of the Eurozone this morning? Chancellor Merkel remained cautious, President Hollande praised Prime Tsipras for his “courageous decision”. Prime Minister Rutte spoke of “a very complicated birth”. Read the comments so far.
parliamentary debate scheduled
The Netherlands is one of the Eurozone countries below which the parliament must approve the deal that has been reached. The Lower House debate Wednesday on the proposed plan, writes political journalist Jos Heymans (RTL News):
Other Member States that the agreement still must pass through national parliaments are Germany, Austria, Finland, Slovakia and Estonia.
Are Greeks better off
BBC journalist Duncan Weldon? has some interesting observations. Especially his third point made by different people: the Greeks were not better off if there five months ago had come to an agreement? The Greek economy has in recent weeks suffered greatly under the crisis. While last year showed recovery just like:
French praise for Tsipras
The French President Francois Hollande welcomed the “historic decision” of the European Union and the Greek Prime Minister Tsipras praised for his “courageous decision”. According Hollande has won Europe today:
A hug
After a record session meetings the leaders of the Eurozone came out. You can imagine that some other equally can not harden. That was in any case not for Hollande and Tsipras:
responds Tsipras
The measures contained in the agreement reached this morning will “inevitably” lead to a recession, said the Greek prime minister Tsipras. But he also said that the Greeks have taken their responsibility in rejecting the extreme demands of conservatives in Europe. (Reuters)
Comments Hollande and Merkel
German Chancellor Merkel and French President Hollande have already responded to the just-concluded agreement. Merkel said that the confidence with Greece “must be rebuilt.” She supports further negotiations with “conviction”, but warned that the path to recovery “long and arduous” will be.
Hollande was more positive in his choice of words. He welcomed the “historic decision” of the European Union and the Greek Prime Minister Tsipras praised for his “courageous decision”.
3 points
Greece must do the following, said Prime Minister Mark Rutte at a press conference:
- by Wednesday take four laws (eg VAT and pension measures)
- parliament must agree to the package of measures on the table in front of the Greek referendum (energy privatization, labor market modernization)
Eurogroup Chairman Dijsselbloem
Dijsselbloem gives more details about the agreement reached. The money will be used to repay debt. Or the steps it contains be implemented remains to be seen:
This morning held an analyst blow to the arm
Unanimously
Donald Tusk, European president:
How long did it
Ian Traynor, journalist for The Guardian , the negotiating counts of hours? Last weekend together and comes out here:
Racing has not gone
Other stakeholders – the Maltese Prime Minister Joseph Muscat and his Luxembourg counterpart Xavier Bettel – say that a deal is close. The leaders of euro countries are now moving in Brussels in the last round of negotiations.
‘Agreement’
In Brussels seems to have agreed a deal with the Greeks. Nobody expected that it would come to this point, he admits.
The Greek opposition party To Potami already made it known that she does not like a government of national unity, but is ready to support a solution which is in the interest of Greece. That option was left open in case not want to cooperate by the Greek Parliament.
Rumor: nevertheless interference IMF and Fund
Prime slovenia leaves
The Slovenian prime minister Miro Cerar leaves: he needs to make an appointment with Jens Stoltenberg, Secretary General of NATO. Prime Minister Rutte will represent him during the rest of the concert. Read the full story here.
awaiting information
NRC editor Wilmer Heck wait for hours in Brussels without much information comes out. He also speaks of problems surrounding the privatization fund of 50 billion and the involvement of the IMF.
“EU Minister Tusk has presented a compromise and are now on again talk. In that compromise is exactly, we do not know. Greeks would fall on IMF involvement in the possible third aid package and that privatization fund 50 million. According to other messages Tusk, Tsipras, Merkel and Hollande out, but must rest now still agree. “
joke between
Meanwhile, this compromise proposal is circulating on Twitter. One: Germany insists that Greece receive aid only if there are 50 billion euros still to privatize state assets housed in a separate, newly in turn fund (collateral) that Athens would manage, but with “relevant European institutions” would act as supervisor. And so it looks like:
and again ..
.. the meeting seems suspended.
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