Today, the eurozone summit agreed to commence negotiations for a third Greek bailout under the European Stability Mechanism (ESM) programme.
“EuroSummit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support,” explained Donald Tusk, President of the European Council, on his Twitter account early in the day.
The new stimulus package will be “subject to strict conditions”
The new stimulus package will be “subject to strict conditions” and “accompanied by a growth and employment package in the order of EUR 35 billion,” according to a statement released by the EU Commission.
“There will not be a ‘Grexit’,” said Jean-Claude Juncker, President of the European Commission during a press conference. “I am satisfied both with form and substance of the agreement.”
The Greek parliament, along with the legislative branches of several other member states still needs to “give [its] blessing” for formal proceedings to commence, with finance ministers required to convene in order to discuss short-term bridge financing.
