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EU summit reaches agreement for Greece bailout deal

Thierry Charlier,  AFP / Greek Prime Minister Alexis Tsipras talks to the media at the end of an Eurozone Summit over the Greek debt crisis in Brussels on July 13, 2015.
Thierry Charlier, AFP / Greek Prime Minister Alexis Tsipras talks to the media at the end of an Eurozone Summit over the Greek debt crisis in Brussels on July 13, 2015.

Eurozone leaders have reached an "unanimous" agreement on a bailout deal for Athens after gruelling all-night talks, EU President Donald Tusk said Monday.

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Here are the day's highlights:

  • The deal negotiated after marathon talks gives Greece’s government until Wednesday to secure parliamentary backing for a new round of stringent budget cuts and sensitive pension reforms.
     
  • Greek state assets worth an estimated €50 billion will be put in a special fund to help finance banks and repay Greece’s creditors, but Athens successfully resisted attempts to place the fund in a foreign country.
     
  • Eurozone finance ministers will discuss bridge financing for Greece, and the ECB is expected to pass measures that will enable Greek banks to reopen this week.
     
  • Greek Prime Minister Alexis Tsipras says his country fought "a difficult battle" for the past six months to win a financial aid agreement that will allow it "to stand on its feet".
     
  • French President François Hollande says eurozone members will discuss “reprofiling” Greek debt by extending maturities on existing loans, but Germany’s Angela Merkel has ruled out an outright cut in the country’s debt level.

Click on our liveblog below to see how the bailout summit unfolded.

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