After a number of surprising twists, the recent Greek drama finally took an expected turn Monday, with news that Greece and its creditors struck a tentative deal — $ 96 billion USD in aid from
Eurozone leaders in exchange for tough austerity measure — that would seemingly avoid a Greek exit from the euro currency.
Papandreou addressed a press conference following a crisis meeting with
eurozone leaders in Cannes.
Not exact matches
But Italy's current debt load is quite high, and the country's
leaders surely won't relish the opportunity of going into the next recession as the weakest and most indebted
in the
eurozone.
Speaking
in Berlin after meeting with members of the center - left Social Democratic Party, Jeroen Dijsselbloem of the Netherlands, the
leader of the
eurozone finance ministers, criticized Mr. Schäuble for raising the suggestion of a Greek exit.
Tsipras has also insisted that debt relief must form an important part of the package, but a statement by
Eurozone leaders on Monday said only that further measures might be taken provided Greece adhered
in full to the reforms demanded by its creditors.
Monti is on a persuasion mission among the
leaders of the
eurozone to push for more drastic strategies that could be more effective
in fighting the crisis.
European stock markets surged almost 2 % while Wall Street jumped more than 1 % after a breakthrough came early on Monday when Donald Tusk, president of the European council, announced that the 19
eurozone leaders had unanimously reached agreement to keep Greece
in the single currency, adding that Athens had signed up to «serious reforms».
AMY GOODMAN: Meanwhile, the
leaders of Germany and France said Greece would not receive another cent
in European aid until it decides whether it wants to stay
in the
eurozone.
The dramatic developments overshadowed the G20 summit of world
leaders in the French resort of Cannes, where President Barack Obama implored European
leaders to swiftly work out a
eurozone plan to deal with the continent's crisis, which threatens to push the world back into recession.
Mr Monti might have succeeded
in shifting
leaders» thinking of what was happening politically and economically
in the
eurozone.
The EURO STOXX 50 Index, Europe's leading Blue - chip index for the
Eurozone, provides a Blue - chip representation of supersector
leaders in the
Eurozone.
She was speaking after
Eurozone leaders agreed to give Greece a third bailout package of up to $ 86bn over the next three years,
in exchange for further austerity and reforms.
However, the EU's determination to stabilise the
Eurozone as the Greek debt crisis deepened
in 2011 with the treaty - based «Fiscal Compact» caused an early rift, not only with Merkel and other EU
leaders but also with his Liberal Democrat coalition partners.
So, ahead of a critical two - day summit
in which Europe's
leaders will come up with a plan to solve the
eurozone crisis, the pressure will be on him to tackle the issue
in a way which doesn't compromise his own party's fractured views.
If the
eurozone goes down
in flames and the UK economy gets singed
in the process, it will only serve to increase the likelihood that prime minister Cameron may join the list of European
leaders punished for being
in the wrong place at the wrong time.
Lib Dem
leader argues that it is not
in Britain's best interests to exploit the
eurozone crisis to win back powers from Brussels
George Osborne has called on
leaders to «get a grip» of the growing
eurozone debt crisis, warning that events could be «as damaging» as those
in 2008.
It is a very, very dangerous time... What we have seen is the inability of political
leaders in the
eurozone to put short - term politics aside and do what's right.
David Cameron is
in Chicago ahead of this weekend's NATO summit, busy meeting Francois Hollande and other world
leaders to jolly well sort out the
eurozone.
It is perfectly reasonable that he wishes to postpone any action on the EU question at present, as he describes the European
leaders as preoccupied with «fighting the fire»
in the
eurozone, but it would be
in Cameron's interest to slide off the fence
in this instance, or to stop leaping back and forth over it,
in order to allow a focused, informed debate to develop, without eurosceptics and europhiles alike having to second - guess his every future decision on the subject.
Labour's shadow chancellor Ed Balls responds to the news that the
eurozone leaders have established a new financial rescue package
in the Independent newspaper:
He is advising European
leaders to: reassess the current plan
in Greece - which will reportedly see its debt at 120 per cent of its GDP by 2020 -; recapitalise banks
in struggling
eurozone economies; and allow the European Central Bank to buy bonds from distressed countries.
June 28, 2012 • European Union
leaders meet
in Brussels for their latest summit aimed at saving the
eurozone from financial meltdown.
June 29, 2012 • European
leaders worked through the night at a summit
in Brussels aimed at tackling the
eurozone's worsening debt crisis.
While European Union
leaders meet
in Brussels today on bulwarking «a firewall» to the
eurozone crisis, Skate's Global More...