By Euro Weekly News Media • 13 July 2015 • 8:36
A GREEK exit from the Euro has been averted after a bailout deal was struck between Greece and Eurozone leaders.At least that is according to European Commission President Jean-Claude Juncker. Speaking after a marathon 17-hour bargaining session on Sunday, July 12, that went through the night: “Grexit has gone.”This news will come as a relief to Spanish Prime Minister Mariano Rajoy – with elections coming up the last thing he needed was the uncertainty over the Euro affecting Spain’s economic recovery.The bailout comes at the price of tough new austerity measures imposed by the EU which will have to be approved by the Greek Parliament on Wednesday, July 15, before any funds are released.The EU and International Monetary Fund (IMF) estimate Greece needs between €82 and €86 billion over the next three years – that is on top of the €240 billion it has already received.Greece has been in turmoil as its banks have been shut for two weeks with a €60 a day limit on cashpoint withdrawals.The crisis came to a head with a €3 billion loan repayment to the IMF due with no money in the Greek treasury coffers to pay it.Athens is expected to pass reforms demanded in the deal by Wednesday.European Council President Donald Tusk said via Twitter: “Euro summit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms and financial support.“There are strict conditions to be met. Nevertheless, the decision gives Greece the chance to get back on track with the support of European partners. It also avoids the social, economic and political consequences that a negative outcome would have brought.”
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