1. Greece PM says secured debt restructuring to avoid Grexit

Greece PM says secured debt restructuring to avoid Grexit

Greece has secured debt restructuring and medium-term financing in a growth package worth 35 billion euros in a deal with its creditors that will allow the country to stay in the euro.

By: | Brussels | Published: July 13, 2015 2:09 PM
Greece bailout deal

Greek Prime Minister Alexis Tsipras, third left, leaves after a meeting of eurozone heads of state at the EU Council building in Brussels on Monday, July 13, 2015. A summit of eurozone leaders reached a tentative agreement with Greece on Monday for a bailout program that includes “serious reforms” and aid, removing an immediate threat that Greece could collapse financially and leave the euro. (Photo: AP)

Greece has secured debt restructuring and medium-term financing in a growth package worth 35 billion euros in a deal with its creditors that will allow the country to stay in the euro, Prime Minister Alexis Tsipras said in Brussels on Monday.

He said the deal could bring new investment to help the country pull itself out of recession and avoid the collapse of its banking system.

“The deal is difficult but we averted the pursuit to move state assets abroad. We averted the plan for a financial strangulation and for the collapse of the banking system,” Tsipras told reporters after all night talks.

“In this tough battle, we managed to win a debt restructuring,” he said.

Euro zone leaders clinched a deal with Greece on Monday to negotiate a third bailout to keep the near-bankrupt country in the euro zone after a whole night of haggling at an emergency summit.

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