The European leaders have agreed on the principle of a new aid plan Greece, after a long night of negotiations between Athens and its creditors.
10 h 50. The has Greece benefits from the announcement of an agreement and sees its rate fall
The 10-year rate of Greece retreated sharply Monday morning in the bond market in the eurozone, taking advantage of the announcement of an agreement between the euro area and Greece to negotiate a third aid package.
After seventeen hours of arduous negotiations, the leaders of the Eurozone have reached an agreement Monday “unanimous” to negotiate a third plan of aid to Greece and avoid in extremis a country’s exit from the monetary union.
10 h 15. “We have delivered a good fight to the end” (Tsipras)
The Greek government has “delivered a good fight to the end” , which resulted in a “difficult agreement” but guaranteeing “financial stability” and boosting Greece, said Greek Prime Minister Alexis Tsipras. “The vast majority of the Greek people will support this effort (…) we will continue to fight» “radical reforms Greece needs’ , a- he added, after seventeen hours of negotiations for the bailout of the country.
10 h 10. Hollande welcomed an agreement that preserves the euro area
Francois Hollande welcomed the agreement with Greece on a new rescue plan, thereby preserving the integrity and credibility of the euro area shows also the need to strengthen further.
The president said in Brussels that the primary objective of the negotiations had been achieved with this agreement. “It allows Greece to remain in the euro zone, that was the objective” , has he told the press.
The head of the State stressed that “general interest” of Europe was winning and felt that each had shown a “willingness to compromise to the end” .
“All is not played” , he added, however, for several national parliaments must vote on the agreement. In France, the National Assembly will be consulted on Wednesday with a vote, he said.
Francois Hollande also considered that the Greek crisis showed the need to strengthen the euro zone, the bring more integration to enable it to “defend” . “This will work the next few months” , has he said.
The finance ministers of the euro zone must, themselves, define together the financial accompaniments of emergency so that Greece and its banks continue to benefit from cash, he said.
“The challenge was to offer Greece a long funding to ensure its output precisely of the crisis, but also immediate funding to finish with what Greece is now living and that will last “, he added, citing in particular bank closures decided there is a ten days.
These, he told the President, will be recapitalized to the tune of 25 billion euros. They will be included in the fund said that privatization will pledge in Athens and will, contrary to what was proposed in Germany originally established in Greece at the request of Prime Minister Alexis Tsipras.
“I have supported this approach, I found legitimate” , said Francois Hollande.
9 am 45. “The Grexit disappeared” according Juncker
«Grexit disappeared” , said President of the European Commission Jean-Claude Juncker in a brief statement to the AFP, welcoming the agreement on a third plan of aid to Greece, which avoids in extremis a country’s exit from the eurozone.
“We found an agreement, it was laborious” , also emphasized Jean-Claude Juncker told a news conference. “Since the beginning, the Commission has continued to emphasize that we can not accept any form of Grexit” .
9 am 40. “The road will be long and difficult” warned Merkel
Chancellor Angela Merkel warned that the path would be ” long “ and ” difficult “ for Greece, to which its European partners agree to grant a third aid in exchange for reforms back on track for growth.
The agreement reached after seventeen hours of negotiations between Greece and its eurozone partners includes “a wide range of reforms by which, I believe, Greece has the chance to return to the path of growth “, said the Chancellor. But “the path will be long and if I think of that night negotiations, difficult” .
9 am 30. Hollande greets a “historic decision” of the EU and “courageous choices” Tsipras
9 h 10 . The euro rises against the dollar after the announcement of a deal on Greece
The euro went up slightly against the dollar on Monday morning after the announcement of the decision to start negotiations on a third plan to grant aid to Greece.
Around 9 pm 10, the euro bought 1.1154 dollars against 1.1149 Friday, the European currency even being mounted 1 1194 dollar before the opening of markets to 08 h 57
9 am 00. An agreement adopted unanimously
The euro area has unanimously decided to begin negotiations in order to grant a third plan of aid to Greece, which might otherwise an exit from the monetary union, announced President of the European Council, Donald Tusk.
“The summit of the euro area has reached an agreement by unanimity. Are all ready for an aid program for Greece via the European Stability Mechanism (ESM), with serious reforms and financial support ‘, said Donald Tusk on his Twitter account after some seventeen hours of marathon negotiations.
8 h 55. The euro area “close to an agreement” by Luxembourg Prime Minister
The euro zone is “close to an agreement” to keep Greece within it, said Luxembourg Prime Minister Xavier Bettel, after endless hours of negotiations into the night Brussels. “After seventeen hours of negotiations, we are close to an agreement. Europe is strong “, welcomed Mr. Bettel on his Twitter account.
8 h 30. The Greek Minister of Labour fears early elections
There will probably be early parliamentary elections this year in Greece, the Minister said, Labour Panos Skourtelis who believes that the government majority in Parliament is questioned. “At the moment, the question of the existence of the government majority is put” , said Panos Skourtelis on public television ERT . “I would have struggled to blame those who refuse to say ‘yes’ to an agreement” , he added.
8 h 20. Valls believes a “Grexit” is a “disaster”
Prime Minister Manuel Valls reiterated the willingness of France to see Greece stay in the euro area, while continued a summit in Brussels to try to reach an agreement on a new rescue package for Athens. “The deal is not done yet, but discussions are continuing with a will: it is necessary that Greece remains in the euro area” , said the head of government.
Asked about France Inter , Manuel Valls said he “hoped” that the assumption of the Greek exit is more about Table. “Because it would be a disaster. A first disaster for the Greeks who live an unprecedented economic and social impact, even harder than what they have experienced so far, if Greece out of the eurozone. (And) the consequences for the euro area itself would be harmful because it would weaken “, he said
8 h 05. ” shared will ” to keep Greece in the euro, says Moscovici
The duration of the final negotiations underway since Sunday afternoon in Brussels illustrates the shared will of the Heads of State and Government to keep Greece in the eurozone, said the European Commissioner for Economic Affairs, Pierre Moscovici.
The leaders of the Eurozone were still gathered on Monday at 08:00 (0600 GMT) in Brussels, where they met the day before at 16:00 local, and disagreements persisted between the negotiators on the modalities of a new bailout.
While the idea of an exit, temporary or permanent, of Greece from the euro area, was raised in recent days, Pierre Moscovici considered that this long discussion showed the will of each of keep it there.
7 pm 55. The “temporary Grexit” is not in the agenda, according to Schulz
The idea of a “temporary Grexit” , advanced this weekend by German Finance Minister Wolfgang Schäuble is no longer on the agenda, said European Parliament President Martin Schulz, while negotiations continue between Athens and its creditors.
“This idea of an output for five years is no longer on the table. It is now useless to speak “, has he said. “Today, the European project is on the razor’s edge” , said Martin Schulz, member of the Social Democratic Party (SPD) to the radio Deutschlandfunk. “The euro area may burst” , he said, adding that the SPD wanted that Greece remains in the euro area.
6 h 15. Pause atop the euro area “final consultations”
A break “final consultations” a was observed at dawn atop Eurozone to save the Greek state of asphyxia Financial, said the Prime Minister of Malta, Joseph Muscat.
After some 14 hours of discussion in Brussels Heads of State and Government of the euro area are still looking for a breakthrough. The fact top “intermission for final consultations” tweeted Joseph Muscat.
4 h 45. A compromise proposal on the table
A draft compromise to keep Greece in the euro has been put on the table by the German leaders, French, Greek and European Council President and submitted to the leaders of the whole euro area for approval
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