German Chancellor Merkel on Deal: Greece Must Legislate Reforms by Wednesday

German Chancellor Merkel on Deal: Greece Must Legislate Reforms by Wednesday
by Philip Chrysopoulos - Jul 13, 2015

ENB:File Photo

Greece has to legislate in parliament the agreement text by Wednesday before it goes to other European parliaments for voting, said German Chancellor Angela Merkel coming out of a marathon summit of Eurozone leaders.

“Greece must pass the agreement text before the remaining parliaments. Greece must legislate prerequisites until Wednesday… We must be patient… Trust has been shaken recently… We have to go step by step with Greece… Confidence must be restored. Greeks have the responsibility for implementing what is decided. I have great faith in resuming negotiations. I think the pros outweigh the cons,” the German chancellor said on Monday morning after the meeting that started early in the evening on Sunday.

Greece has managed to get a prior agreement on a three-year bailout package worth over 80 billion euros.

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BREAKING: Greece Gets Bailout Deal at Euro Summit

BREAKING: Greece Gets Bailout Deal at Euro Summit
 Jul 13, 2015

After more than 15 hours of deliberation, the Eurozone’s leaders agreed to save Greece by keeping it in the Eurozone and offer the debt-ridden country a much needed bailout agreement.

The past two days the Greek delegation faced resistance on its proposals, particularly from Germany. After Sunday’s Eurogroup meeting, which took place a short while before the Eurozone Summit,  Eurogroup President Jeroen Dijsselbloem submitted a list of 12 reforms that the Greek parliament would have to officially adopt by Wednesday so that negotiations for a European Stability Mechanism bailout package could continue.

The Summit was interrupted more than 4 times so Greek Prime Minister Tsipras could meet privately with French President Francois Hollande, German Chancellor Angela Merkel and European Council President Donald Tusk.

The four officials discussed whether the International Monetary Fund would be part of the deal, the privatisation of 50 billion dollars of public property to be transferred in a fund in Luxembourg, the issue of the Greek debt and finally the liquidity of the Greek banks. Reports say that there were conflicting views on these matters.

Details of the deal have not been announced yet, but it is expected that Greece will have to go through another round of harsh austerity measures and those measures would have to be voted this week at the Greek parliament.

Also, several other national parliaments will need to give their approval, including the Greek parliament, says President Tusk.

Prior to the summit, Merkel had expressed her concern over the situation and noted that Greece has lost it trustworthiness.

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