(Worthy News) - Marathon talks between Greece and its European creditors ended with a new bailout agreement early Monday, hours after negotiators in Brussels blew through a self-imposed deadline, Fox News reported.
European Council President Donald Tusk tweeted shortly before 9 a.m. local time Monday that the so-called EuroSummit had "unanimously reached agreement" on a financial aid program that included what Tusk called "serious reforms" and "financial support" for the beleaguered Athens government. [ Source ]
Greeks Must Pass Deal through Parliament
Greek Prime Minister Alexis Tsipras will now have to rush swathes of legislation through parliament this week to convince his 18 partners to release bridging funds to avert a state bankruptcy and just to begin negotiations on a three-year loan.
If the summit had failed, Greece would have be staring into an economic abyss with its shuttered banks on the brink of collapse and the prospect of having to print a parallel currency and in time exit the European monetary union.
Six sweeping measures including spending cuts, tax hikes and pension reforms must be enacted by Wednesday night and the entire package endorsed by parliament before talks can start, the leaders decided. [ Source ]