Greece reached an agreement with its creditors over the reforms needed to start talks for a third bailout in five years and remain in the euro.
Greek Prime Minister Alexis Tsipras yielded to their austerity demands after almost 17 hours of talks at a euro-area summit in Brussels ending about 9 a.m. Monday.
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Twitter channel of Donald Tusk, President of the European Council. Managed by the media team announced:
EuroSummit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support
— Donald Tusk (@eucopresident) July 13, 2015
AP report said that the breakthrough came after the threat of expulsion from the euro put intense pressure on Tsipras to swallow politically unpalatable austerity measures because his people overwhelmingly want to stay in the eurozone.
Ap added that Greece has requested a three-year, 53.5 billion-euro ($59.5 billion) financial package, but that number grew larger by the tens of billions as the negotiations dragged on and the leaders calculated how much Greece will need to stay solvent. The creditors are demanding tough austerity measures in exchange for Greece’s third bailout in five years. Early Monday, a Greek official said the key sticking points were the involvement of the International Monetary Fund in Greece’s bailout program and a proposal that Greece set aside 50 billion euros ($56 billion) worth of state-owned assets in a fund for eventual privatization.