Greece Strikes New Bailout Deal With Eurozone Leaders To Avoid Euro Exit

13 July, Brussels

Eurozone leaders have reached an agreement after marathon talks over a third bailout for Greece. EU President Donald Tusk said the agreement was unanimous.

He tweeted that a bailout programme was all ready to go for Greece, with serious reforms and financial support. Details of any agreement were not immediately clear.

Eurozone leaders have been meeting in Brussels for more than 16 hours. It is a historic agreement saving Greece from crashing out of the Euro.

The desperately-needed bailout deal was reached with the eurozone today after marathon overnight talks. The country’s leftist Prime Minister Alexis Tsipras agreed to tough reforms after gruelling negotiations in return for a three-year bailout worth up to 96 billion US Dollar.

It is Greece’s third rescue programme in five years. The agreement ends a bitter six-month struggle between Tsipras’s anti-austerity government in Athens and the rest of the eurozone.

Greece applied last week for a third programme from the eurozone’s bailout fund, the European Stability Mechanism, after its previous bailout expired on 30th June, leaving it without international financial assistance for the first time in years.

The full terms of the new deal were not immediately available but they looked set to be even tougher than those originally offered to Greece.