Euro zone leaders clinched a deal with Greece on Monday July 13,2015 to negotiate a
third bailout to keep the near-bankrupt country in the euro zone after a
whole night of haggling at an emergency summit
European Council President Donald Tusk announced on Twitter
However, the terms imposed by international lenders led by Germany may put more pressure on leftist Prime Minister Alexis Tsipras, fracture the government and cause an outcry in Greece
"The agreement was laborious, but it has been concluded. There is no Grexit," European Commission President Jean-Claude Juncker told after 17 hours of bargaining
German Chancellor Angela Merkel said she could recommend
"with full
confidence" that the Bundestag authorize the opening of loan
negotiations with Athens once the Greek parliament has approved the
entire program and enacted the first laws.
Asked whether the tough conditions imposed on a desperate Greece were not similar to the 1919 Versailles treaty that forced crushing reparations on a defeated Germany after World War One, she said: "I won't take part in historical comparisons, especially when I didn't make them myself."
Six sweeping measures including spending cuts, tax hikes and pension reforms must be enacted by Wednesday night and the entire package endorsed by parliament before talks can start, the leaders decided.
In almost the only concession after imposing its tough terms on Tsipras, Germany dropped a proposal to make Greece take a "time-out" from the euro zone that many said resembled a forced ejection if it failed to meet the conditions.
Tsipras was subjected to a 17-hour browbeating by leaders furious that he had spurned their previous bailout offer on more favorable terms in June and held a referendum last week to reject it. Only France and Italy worked to try to soften the terms being imposed on Greece.
Many Greeks have attacked the creditors' 'unfair' terms - even going as far as to brand German Finance Minister Wolfgang Schaeuble as a Nazi (inset, top left). Others have already taken to social media using #thisisacoup to decry the terms of the deal, accusing Germany of 'destroying Europe once again', adding that Germans 'could not do it with tanks so now they try it with banks'.
European Council President Donald Tusk announced on Twitter
However, the terms imposed by international lenders led by Germany may put more pressure on leftist Prime Minister Alexis Tsipras, fracture the government and cause an outcry in Greece
"The agreement was laborious, but it has been concluded. There is no Grexit," European Commission President Jean-Claude Juncker told after 17 hours of bargaining
German Chancellor Angela Merkel said she could recommend
Asked whether the tough conditions imposed on a desperate Greece were not similar to the 1919 Versailles treaty that forced crushing reparations on a defeated Germany after World War One, she said: "I won't take part in historical comparisons, especially when I didn't make them myself."
Six sweeping measures including spending cuts, tax hikes and pension reforms must be enacted by Wednesday night and the entire package endorsed by parliament before talks can start, the leaders decided.
In almost the only concession after imposing its tough terms on Tsipras, Germany dropped a proposal to make Greece take a "time-out" from the euro zone that many said resembled a forced ejection if it failed to meet the conditions.
Tsipras was subjected to a 17-hour browbeating by leaders furious that he had spurned their previous bailout offer on more favorable terms in June and held a referendum last week to reject it. Only France and Italy worked to try to soften the terms being imposed on Greece.
Many Greeks have attacked the creditors' 'unfair' terms - even going as far as to brand German Finance Minister Wolfgang Schaeuble as a Nazi (inset, top left). Others have already taken to social media using #thisisacoup to decry the terms of the deal, accusing Germany of 'destroying Europe once again', adding that Germans 'could not do it with tanks so now they try it with banks'.
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