Grexit avoided as EU and Greece strike deal

13/07/2015

Greek Prime Minister Tsipras arriving at SPIEF

Grexit avoided: Eurozone’s finance ministers have agreed to set up a €50bn Greece-based asset fund, half of which will be used to recapitalise Greek banks as EU leaders agreed “in principle” on negotiations for the bailout, “which in other words means continued support for Greece”, EU chairman Donald Tusk said this morning.
Greece will now have to pass reforms demanded by the eurozone by Wednesday, with Prime Minister Alexis Tsipras telling reporters that Greece had fought a “tough battle”, won debt restructuring, and sent a message of dignity to all of Europe. “The deal is difficult but we averted the pursuit to move state assets abroad,” he said. “We averted the plan for a financial strangulation and for the collapse of the banking system.”

Source: bbc