Greece Gets Its Debt Deal
BRUSSELS — Following 17 hours of very intense negotiations, European leaders agreed early today to a deal to rescue Greece from the brink of financial ruin.
European finance ministers talked through the night with the goal of preventing the country's impending bankruptcy and exit from the euro currency zone.
Donald Tusk, the European Council President, said that the deal was "unanimously reached" by the 19 countries currently using the euro and that now, Greece would be able to "get back on track"
President of the European Commison, Jean-Claude Juncker said "the agreement was laborious, it took its time, but it has concluded," and added: "There is no Grexit."
The deal is still uncertain. The Greek parliament still has to approve it and Germany's parliament also need to vote on the 50 billion euro deal.
Details are still emerging, but at this stage it is clear that in return for the deal, Greek Prime Minister Alexis Tsipras must enact further austerity measures and must also seek additional help from the IMF.
Angela Merkel, the German Chancellor has said that she is open to giving Greece some debt relief, but would not consider writing off their debt.
Financial markets across Europe improved with this news with investors relieved that Greece would avoid Grexit. The markets remain unsure as eurozone parliaments are still to give their consent to the deal. The euro currency declined against its major competitors