The Greek finance minister Yanis Varoufakis has kicked off his own press conference saying: “three Euro groups were needed to change page - in Greece and in Europe,” reports Helena Smith in Athens who is watching the press conference (in Greek).
He has just described the deadlines demanded of Greece and its newly installed government as “inhuman” and has spoken of the need to respect the electorate’s will.
This is not a moment for jubilation. This agreement is a small step in the right direction.”
So much for mutual trust. Dijsselbloem said the eurozone funds to recapitalise Greek banks held by Greece will remain available for that purpose – but the €11bn will from now on be held by the eurozone bailout fund and released only at the request of the European Central Bank.
How much has Greece actually won, other than some breathing space?
Eurogroup chair Jeroen Dijsselbloem said Greece agreed to have “appropriate” fiscal surpluses to guarantee debt sustainability.
The Eurogroup reiterates its appreciation for the remarkable adjustment efforts undertaken by Greece and the Greek people over the last years. During the last few weeks, we have, together with the institutions, engaged in an intensive and constructive dialogue with the new Greek authorities and reached common ground today...The Greek authorities have also committed to ensure the appropriate primary fiscal surpluses or financing proceeds required to guarantee debt sustainability in line with the November 2012 Eurogroup statement. The institutions will, for the 2015 primary surplus target, take the economic circumstances in 2015 into account.