Eurozone gets deal to pave way for end to Greece's bailout

Eurozone gets deal to pave way for end to Greece's bailout

Eurozone gets deal to pave way for end to Greece's bailout

Under German demands, Greece's debt relief in the short-term will be conditional on the continued implementation of agreed reforms, which if successful could inject about one billion euros to the government's underfunded budget every year.

The markets' initial positive reaction to the news of the agreement was reflected on the drop of Greek state 10-year bond yields to the lowest level since mid-May to 4.11 percent, Greek national news agency AMNA reported.

Greece is slated to leave its financial rescue on August 20 and finance ministers from the 19 countries that use the single currency were under pressure to offer Athens a goodbye deal that left it strong in the eyes of the financial markets.

And it provides the country with enough ready cash to coast it over almost two more years, without having to resort to expensive global bond markets after bailout loans run out in August. "I think it is the end of the Greek crisis. a historic moment".

"The Greek crisis ends here tonight", said EU Economic Affairs Commissioner Pierre Moscovici.

"We have a deal on Greece", a European source said confirmed by other official sources, after more than six hours of talks dominated by last minute resistance by Germany.

The third and current bailout, involving €86 billion and starting in 2015, is scheduled to end on August 20.

Simeone slams Argentia 'anarchy', takes jab at Messi
Sampaoli took full responsibility for the loss , which followed his team's 1-1 draw with Iceland in their opener when Messi had a penalty saved in that first game.

Zimbabwe president suggests he was target of Zanu-PF rally blast
The July 30 election will be the first without Mr Mugabe in the southern African nation since independence in 1980. He later visited his two injured vice presidents and declared the "cowardly act" will not disrupt elections.

A Supreme Court Ruling Could Make Your Online Purchases More Expensive
Amazon , Wayfair , eBay , Etsy , and Overstock .com all fell in morning trading, with Wayfair at one point down by 8%. Heitkamp suggested that states follow South Dakota's lead and enact laws tailored not to target small businesses.

Tsakalotos said the deal will allow Greece to tap markets "very soon" at manageable interest rates, although the precise timing is still unclear.

They also agreed to disburse €15 billion (US$17.5 billion) to ease Greece's exit from the rescue programme.

Once the bailout is over, Greece will have to finance itself by borrowing on worldwide bond markets.

They also made a decision to have the International Monetary Fund participate in a system to monitor the country's finances, even after the bailout program ends.

"In particular, the 10-year extension of the EFSF loans' maturity and most importantly the grace period on interest payments is a significant development", they added.

The International Monetary Fund welcomed on Friday a deal on debt relief for Greece reached by Athens' euro zone creditors saying it will improve debt sustainability in the medium term, but maintained reservations on the long term. "A surplus of 3.5 per cent to 2022 and 2.2 per cent (on average) to 2060 is not easy at all", Kostas Boukas, asset management director at Beta Securities, told Athens 9,84 radio.

Recommended News

  • Saddleworth MP backs Clean Air Day for heart health

    Saddleworth MP backs Clean Air Day for heart health

    Evidence of the adverse effects of indoor air pollution on health, especially in pregnancy and children, has grown over the last 10 years.
    Voters go to the polls in elections in Turkey

    Voters go to the polls in elections in Turkey

    Turkey's opposition candidates have repeatedly complained over the lack of airtime offered by largely pro-government media. Many political experts believe Inje is capable of dragging the race into a run-off.
    Alternative Melania Trump jacket sells out

    Alternative Melania Trump jacket sells out

    A bonus: The line additionally supports families at the border. "We hope to see kids reunited with their parents. Actress Busy Philipps was among those DIY-ing their wardrobes to fire back.
  • Germany's Merkel calls for solutions to Iran's 'aggressive tendencies'

    Germany's Merkel calls for solutions to Iran's 'aggressive tendencies'

    Standing next to Jordan's King Abdullah II, she made no reference to the crisis that could shake up her coalition, AP reports. Without more worldwide money, they say, refugees living in dire conditions in Lebanon will start leaving for Europe.
    New Zealand PM gives birth

    New Zealand PM gives birth

    New Zealand's Prime Minister Jacinda Ardern has given birth to a child and created a new history. She added on Instagram that the baby was healthy and doing well.
    Dramatic late goal saves Germany; Mexico and Belgium victorious

    Dramatic late goal saves Germany; Mexico and Belgium victorious

    Germany could be knocked out if they lose to Sweden depending on Mexico's result in their second pool match against South Korea . But when El Tri's squad did emerge before 10 p.m., it was to ask the fans to allow them to rest a little.
  • Lukaku, Hazard score 2 each, help Belgium beat Tunisia 5-2

    Lukaku, Hazard score 2 each, help Belgium beat Tunisia 5-2

    Is this one of the greatest openings to a WC ever? Encouraged by their goal, Tunisia begun to challenge Belgium's dominance. Belgium go into the second half with a narrow 2-1 lead, despite dominating for large spells of the first 45 minutes.
    Jogger detained for 2 weeks after accidentally crossing U.S.-Canada border

    Jogger detained for 2 weeks after accidentally crossing U.S.-Canada border

    Complicating matters was the fact that she didn't have any government-issued ID or travel permits on her at the time. Roman is certainly not the first outdoors enthusiast to have made the mistake along the U.S.
    Bourbon and Levi's prices to rise as European Union  enforces tariffs on US

    Bourbon and Levi's prices to rise as European Union enforces tariffs on US

    Last year, £171 billion worth of cars were exported from the European Union , with the United States accounting for 25% of them. Mercedes is expected to sell about 20,000 convertibles this year in the United States and BMW fewer than 16,000, LMC projected.
  • Tens of thousands march in London for second Brexit vote

    Businesswoman and campaigner Gina Miller also addressed the march, telling people: "Let us hear you shout for a people's vote". Others, including Treasury chief Philip Hammond, want to keep closely aligned to the bloc, Britain's biggest trading partner.

    Firmino helps Brazil to late win over Costa Rica

    A 1-0 victory over Costa Rica has Serbia headed into its game against Switzerland eying a spot in the Round of 16. He had replaced Willian at halftime and would likely be one of Tite's options to start the game against Serbia.
    Sarah Huckabee Sanders kicked out of Virginia restaurant; critics blast owner

    Sarah Huckabee Sanders kicked out of Virginia restaurant; critics blast owner

    Then, the owner asked the table to leave. "I will never eat at this establishment again". From what I hear they have great food standards morals and respect for human decency.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.