Greece Gets Bailout Deal After All-night Eurozone Summit

By Karen FriarMarketWatch Pulse

The eurozone summit on Greece's debt crisis has delivered a bailout deal, European officials said Monday. "EuroSummit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support," Donald Tusk, the President of the European Council, said in a post to Twitter on Monday. Discussions between eurozone leaders on the reforms needed from Greece to unlock more aid funding began Sunday and continued for more than 15 hours before breaking. No details on the third bailout deal have been released, with Athens earlier resisting a German demand that it move 50 billion euros ($559 billion) in assets outside Greece as collateral, and with Greece pushing to exclude the International Monetary Fund from involvement in any bailout, media reports said. The agreement eases the risk that Greece will be forced to leave the euro in a "Grexit". The euro rose immediately after the news to $1.1187.

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