Agreement was reached after 17 hours of negotiations among the Eurozone leaders. As a result, Grexit has been averted, with a new programme of support for Greece to be negotiated on the basis of the parameters agreed by the leaders. The agreement has to be confirmed by several national parliaments, including the Greek Parliament that is called upon to pass a set of implementation laws already by Wednesday, 15 July.
Below we reproduce the remarks made by Euro Summit and European Council President Donald Tusk at 9:30 am on Monday, 13 July, upon completion of the Euro Summit. For the full Euro Summit statement / agreement click here.
Remarks by President Donald Tusk after the Euro Summit of 12 July 2015 on Greece
Good morning. Today, we had only one objective: to reach an agreement. After 17 hours of negotiations, we have finally reached it. One can say that we have ‘agreekment’. Leaders have agreed in principle that they are ready to start negotiations on an ESM programme, which in other words means continued support for Greece.
There are strict conditions to be met. The approval of several national parliaments, including the Greek parliament, is now needed for negotiations on an ESM programme to formally begin.
Nevertheless, the decision gives Greece a chance to get back on track with the support of European partners. It also avoids the social, economic and political consequences that a negative outcome would have brought. I welcome the progress and the constructive position of Greece that helps to bring back trust among euro zone partners.
Following national procedures, the Eurogroup will work with the Institutions to swiftly take forward the negotiations. Finance ministers will also as a matter of urgency discuss how to help Greece meet her financial needs in the short term, so-called bridge-financing.
I would like to thank the President of the Commission Jean-Claude Juncker and the Eurogroup President Jeroen Dijsselbloem for their dedication and involvement in this progress. Without your work, today’s agreement wouldn’t be possible. Thank you.
