Eurogroup leader: Bailout plan will 'get Greece back on track'


After more than 15 hours of talks, Eurozone leaders reached a unanimous agreement over a bailout deal for Greece.
European Council President Donald Tusk first tweeted the news out Monday morning. During a press conference in Brussels, Eurogroup leader Jereon Dijsselbloem said that "trust was a very key issue. We looked at reforms, debts, financial needs. We were able to agree on all these issues to get Greece back on track. The Greek parliament will legislate very quickly on a number of issues, which will help bring trust to member states." He said that assets will be transferred to a fund based in Athens, which will "monetize them by privatization or running them" and will be used to help "recapitalize banks." Once the €25 billion needed for recapitalization is repaid, the funds left over will be "used to bring down debt by 50 percent and the other 50 percent for the Greek government to reinvest into Greece."
European Commissioner head Jean-Claude Jencker said he is "convinced the Greek government will be able to pass through the decision made today." For formal negotiations to begin, the parliament has to approve the deal, and six other EU parliaments have to do the same. In order for Greece to make debt repayments over the summer, talks on bridge financing will start soon, Dijsselbloem said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
How Zohran Mamdani's NYC mayoral run will change the Democratic Party
Talking Points The candidate poses a challenge to the party's 'dinosaur wing'
-
Book reviews: '1861: The Lost Peace' and 'Murderland: Crime and Bloodlust in the Time of Serial Killers'
Feature How America tried to avoid the Civil War and the link between lead pollution and serial killers
-
Brian Wilson: the troubled genius who powered the Beach Boys
Feature The musical giant passed away at 82
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstances
Speed Read
-
Western mountain climbers allegedly left Pakistani porter to die on K2
Speed Read
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governor
Speed Read
-
Los Angeles city workers stage 1-day walkout over labor conditions
Speed Read
-
Mega Millions jackpot climbs to an estimated $1.55 billion
Speed Read
-
Bangladesh dealing with worst dengue fever outbreak on record
Speed Read
-
Glacial outburst flooding in Juneau destroys homes
Speed Read
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creature
Speed Read