After a suspension of more than four hours were the government of the euro at 4.15 am this morning Mathews in discussions on a compromise proposal for further aid to Greece. Yesterday the euro countries have further tightened the screws on the Greek Prime Minister Alexis Tsipras. The meeting produced a list of demands on which the Greeks must fulfill. This morning a crucial deal was reached. The ball is now in the Greek Parliament, on Wednesday to agree to a series of far-reaching legislation.
Updates by Laura Klompenhouwer
Greece now needs 7 billion
The deal between international creditors (European Commission, European Central Banke 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)
- It should also be started as soon as possible with the sale of state assets with a final yield of 50 billion euros.
The European Commission will monitor the strengthening of the Greek public administration. This list of measures is “absolutely solid”, but necessary, said Rutte. It’s the only way to get state finances in order. It is possible to bring it in front of each other. We are not willing to call into question the principles of our muntuntie.
Relieved Rutte is not real. “It was a very difficult birth.” The rescue plan is expected to cost 82-86 billion euros, including amount for recapitalization banks (up to 25 billion).
Relief at fairs
The European stock markets reacted just after it opened at 9:00 am relieved at the Greek deal. The AEX opened 1.3 percent higher at 487.86 points. The stock exchanges in London, Frankfurt and Paris were 0.8 to 1.7 percent ahead.
Summary Dijsselbloem
So there is a fund where money earned with privatizations coming on. When the fund must flow into an estimated 50 billion euros. About half of that will be used to recapitalize Greek banks. Later today, the Eurogroup meets on bridging financing Greece needs.
Eurogroup Chairman Dijsselbloem
Dijsselbloem gives more details about the agreement reached. The Greek proposals should at certain points, such as in the area of product markets, are exacerbated.
Funds are created, where money comes from privatizations. The money will be used to repay debt. In addition, banks need to be recapitalized. The latter alone is around 25 billion euros.
Donald Tusk
“Today we had only one goal: an agreement That is reached after 17 hours failed Some say,.. we have a “Agreekment”
Some national parliaments have yet to vote on the agreement Likewise, the Greek Parliament “
..
Press conference started Eurotop
Follow the announcements live below:
Roadmap
The Estonian prime minister Taavi Rõivas is more careful . The agreement which was agreed in Brussels this morning, should be seen as a roadmap. 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. Belgian Prime Minister Charles Michel tweeted:
A spokesman for the Cypriot government writes
headlines
What do the front pages of European newspapers out there this morning? Click here for a list.
National unity
Skourletis adds that there are two scenarios for a deal: voting borrowing from other parties or form a government of national unity. He thinks that the parliamentarians who opposed negotiations with the troika, must resign. He finds the outline of the plan that is now before us is not workable. 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. (Photo Reuters)
This year elections
The government of Prime Minister Tsipras risks losing its majority in parliament, said the Greek Minister for Employment Panos Skourletis morning. He showed understanding for MPs who do not agree with the far-reaching reform package and monitoring of creditors. It is clear that the deal, if it comes, is not what the Greeks want, he said. He still expects this year’s elections (information via Reuters)
Updates by Star van der Hee
and also a record
According to reporter Ryan Heath’s political news website Politico, the leaders just set a record for the summit would be the nineteenth hour deal.
almost
leaves President Dalia Grybauskaitė of Lithuania.
‘No temporary Grexit
Martin Schulz, President of the European Parliament, says the idea of a temporary Grexit of the job, reports Reuters. The proposal of the euro group was specifically mentioned the option of a temporary Grexit, so that Greece eurozone exit by way of ‘time out’. 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. Against the gathered journalists Cerar says that there is one thing on the table.
watch
Just having breakfast? Through Periscope you can now watch live with journalists at the EU Summit.
#thisisacoup
Twitter is both Greek and non-Greek resistance against the tough demands from Brussels. Meanwhile the protesthashtag #ThisIsACoup (this is a coup) in the Netherlands trending topic . Another popular hashtag: #TsiprasLeaveEUSummit (Tsipras, the summit left)
NRC correspondent Marloes de Koning.
Meanwhile in the press room
Boredom ..
..and breakfast.
foursome in conversation
Ryan Heath, reporter for the political Politico news site, reports that “the big four” continue consultations: President of the European Council, Donald Tusk, German Chancellor Angela Merkel, Greek Prime Minister Alexis Tsipras and French President Francois Hollande
headlines
The cartoon in this newspaper (pro-SYRIZA) needs no further explanation. Within ruling party Syriza has to do with the Greek Prime Minister Alexis Tsipras dissidents who do not like the reforms and cuts in the country and there is speculation that it may sent away and will be replaced. NRC-correspondent Marloes de Koning writes in nrc.next that it was “obvious” which Tsipras that will dismiss parliament. 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. Its authenticity has not been confirmed.
problems
Stefan Leifert of the German public broadcaster ZDF speaks of two bottlenecks. 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. Two: the role of the IMF
Rumor: Tsipras disagree with IMF
sleepy journaille
Journalists use the space for press conferences now as dormitory says NRC-editor Wilmer Heck from Brussels. And so it looks like:
and again ..
.. the meeting seems suspended. It would be the third since the suspension began his consultations yesterday afternoon at 16:00, unless it concerns a short break. Joseph Muscat, Prime Minister of Malta
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