Greece bailout deal reached

Eurozone leaders have unanimously agreed on a bailout deal for Greece, says the European Union president.
Donald Tusk announced on Monday that the agreement would pave the way for Greece to remain a member of the euro by conducting “serious reforms and obtaining “financial support”.
The deal – if ratified by the parliaments of first Greek and then eurozone countries – would provide much needed cash “to get Greece back on track”, according to Jeroen Dijsselbloem, Eurogroup president.
The details of the deal were not immediately available, but Dijsselbloem said the deal included a requirement of re-capitalisation of banks.
He also said a fund wound be set up which would aim to reduce the country’s debt and to cover the cost for re-capitalisation of banks.
Shortly after the annoucement, Alexis Tsipras, the Greek prime minister, said that the deal is “the best possible” and that his team managed to avoid “the plan of the financial suffocation”.
“We managed to avoid the restructuring of the debt. Greece will continue to battle so that we can regain our sovereignty and dignity. This is our legacy,” he said.
Tsipras said that the deal would put “the burden” on those who were avoiding it for years.
Credit: Aljazeera

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