After more than 17 hours of deliberation, the Eurozone’s leaders agreed to save Greece by keeping it in the Eurozone and offer the debt-ridden country a much needed bailout agreement.
The news of the deal broke the Belgian Prime Minister via twitter:
— Charles Michel (@CharlesMichel) July 13, 2015
The past two days the Greek delegation faced resistance on its proposals, particularly from Germany. After Sunday’s Eurogroup meeting, which took place a short while before the Eurozone Summit, Eurogroup President Jeroen Dijsselbloem submitted a list of 12 reforms that the Greek parliament would have to officially adopt by Wednesday so that negotiations for a European Stability Mechanism bailout package could continue.
The Summit was interrupted more than 4 times so Greek Prime Minister Tsipras could meet privately with French President Francois Hollande, German Chancellor Angela Merkel and European Council President Donald Tusk.
The four officials discussed whether the International Monetary Fund would be part of the deal, the privatisation of 50 billion dollars of public property to be transferred in a fund in Luxembourg, the issue of the Greek debt and finally the liquidity of the Greek banks. Reports say that there were conflicting views on these matters.
Details of the deal have not been announced yet, but it is expected that Greece will have to go through another round of harsh austerity measures and those measures would have to be voted this week at the Greek parliament.
Prior to the summit, Merkel had expressed her concern over the situation and noted that Greece has lost it trustworthiness.