Brussels: European Union President Donald Tusk says the bailout deal for Greece could pave the way for the country to remain a member of the euro.
In a tweet Monday, Tusk said eurozone leaders agreed unanimously on a new bailout for Greece that includes “serious reforms” and “financial support.”
Details of the agreement between Greece and its creditors have yet to emerge.
The Greek government made a request last week for a three-year, 53.5 billion-euro ($59.5 billion) financial rescue from Europe’s bailout fund. During negotiations that stretched beyond a weekend deadline into Monday morning, Its creditors indicated that Greece will need tens of billions more than that to stay solvent.
Greece’s economy is in freefall and its banks are facing collapse
Summit chair Donald Tusk says eurozone leaders have unanimously agreed on a bailout deal for Greece. In a tweet Monday, Tusk said the European bailout program for Greece includes “serious reforms” and “financial support.”
The European Union’s top economy official says he’s hopeful for a deal to keep Greece in the euro — and that the German and French leaders will be at the center of it.
Pierre Moscovici played down ideological differences among Greece’s European creditors on Monday, telling France’s RTL radio that the marathon overnight negotiations show there is a “shared willingness to ensure that Greece remains in the euro.”
Earlier in the negotiations there had been indications of splits among the European countries, with German Chancellor Angela Merkel demanding tough conditions before releasing aid while French President Francois Hollande prioritized unity among the nations that use the euro.
Moscovici said Merkel and Hollande have “solid and direct” relations despite ideological differences and that “there is no solution for Europe” without agreement between the eurozone’s two leading powers.