Greece Debt Crisis: Eurozone Leaders, Tsipras Reach Deal in Brussels

Jean-Claude Juncker, president of the European Commission, announced: “There is no Grexit.”

 

However, the deal — which includes the privatization of some state assets — needs to be ratified by a reluctant legislature in Athens as well as parliaments in other eurozone countries.

 

Tough conditions imposed by international lenders, led by Germany, could bring down Prime Minister Alexis Tsipras’ leftist government and cause an outcry in Greece.

 

Tsipras was under intense pressure as Greek banks were on the brink of collapse and the country faced the prospect of having to print a parallel currency and quit the European monetary union.

 

“There are strict conditions to be met,” said Tusk, who joked that the leaders had reached “a-Greek-ment” — a comment that led to the hashtag #Greekment trending on Twitter.

 

German Chancellor Angela Merkel warned: “Essential changes have to be made, for example a complete reform of the pension system,” adding that Greece must also move forward on privatization and labor market changes.

 

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