FXStreet (Guatemala) – Analysts at UOB Group offered a series of key quotes from EZ leaders over the Greek deal.
Key Quotes:
“After non-stop grueling negotiations all weekend, Eurozone leaders have finally agreed to provide Greece with a new bailout loan from the European Stability Mechanism (ESM). However, the deal still needs to be approved by the Greek parliament first, before going to other national parliaments for approval.”
“The following are comments from the Eurozone leaders and others who attended a near 17 hour meeting in Brussels on Sunday:
Eurogroup President Jeroen Dijsselbloem says that the Greek parliament must immediately start passing legislation to implement the measures agreed in Brussels. “If Athens does that on Tuesday and Wednesday, then the Eurogroup can take a view on Wednesday, and then national parliaments can give their own approval for a third bailout. Then the firm negotiations can take place over a new bailout from the ESM (where the issue of debt sustainability can also be addressed).”
President of the Commission Jean-Claude Juncker: There is no Grexit. “This is a compromise, there are no winners and losers.”
EU Council President Donald Tusk: We have an “aGreekment”. “Today we had only one objective, to reach an agreement. And after 17 hours, we have it…There are strict conditions to be met. The approval of several national parliaments, including the Greek parliament, is now needed for negotiations on an ESM programme to formally begin.”
German Chancellor Angela Merkel has told reporters that there is no need for Plan B now. “So the threat of Grexit is off the table, even though a new bailout hasn’t been agreed yet…But the Greek parliament must approve the entire conditions before the German parliament votes… It will be a long and difficult road.”
French President Francois Hollande confirmed that the Greek agreement will include an eventual re-profiling of Greek debt by extending the maturities. “This was a landmark summit…We were afraid we might not have kept Greece with us.”
Greek Prime Minister Alexis Tsipras has defended the deal, saying he faces difficult decisions and tough dilemmas. “But this agreement will allow us to stand on our feet again.””
(Market News Provided by FXstreet)