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7/13/15

Greece debt crisis: Eurozone summit strikes deal

Eurozone leaders have agreed to offer Greece a third bailout, after marathon talks in Brussels.

Amid one of the worst crises in the EU's history, the head of the European Commission said the risk of Greece leaving the eurozone had been averted.

Greek Prime Minister Alexis Tsipras said that after a "tough battle", Greece had secured debt restructuring and a "growth package".

The bailout is conditional on Greece passing agreed reforms by Wednesday.

These include measures to streamline pensions, raise tax revenue and liberalize the labour market.
An EU statement spoke of up to €86bn (£61bn) of financing for Greece over three years.

Though it included an offer to reschedule Greek debt repayments "if necessary", there was no provision for the reduction in Greek debt - or so-called "haircut" - that the Greek government had sought.

Read more: Greece debt crisis: Eurozone summit strikes deal - BBC News

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