European Leaders Reach Agreement to Resolve Greek Debt Crisis
European leaders said Monday morning that they had reached a deal meant to resolve Greece’s debt crisis and avert a historic fracture in the Continent’s common currency project.
“EuroSummit has unanimously reached agreement,” Donald Tusk, the president of the European Council, wrote on his Twitter account shortly before 9 a.m. on Monday. The new bailout for Greece would involve “serious reforms” and “financial support,” he wrote.
The deal announced early Monday allows only the start of detailed negotiations on a new assistance package for Greece. But the prospect of a new bailout program was expected to give the European Central Bank the leeway to continue channeling sorely needed emergency funding to Greek banks hollowed out by a long economic slump and the withdrawal of billions of euros in recent months by account holders as the country’s financial crisis worsened.