End of drama - Greece stays in Euro zone, debt restructuring provided

(Photo: Irina Milošević)

Greece provided debt restructuring, mid-term funding with the package totaling EUR 35 billion in agreement with its trustees as well as stay of Greece in Euro zone, Greek Prime Minister, Alexis Cipras has said today in Brussels.

He said the agreement which over the night was reached during the summit of Euro zone, can bring new investments to Greece, to help it come out of recession and to avoid banking system collapse, Reuters reported.

The agreement is difficult, the Greek prime minister said, and he also added that Greece succeeded in halting financial “suffocating” and banking system collapse.

Leaders of nineteen countries which make Euro zone, after a marathon summit in Brussels, succeeded in reaching agreement on the new package of support for Greece and stay of the country in the system of mutual currency.

President of the Euro group, Dutch minister of finance, Jeren Dajslblom, outlined that "the problem of trust " when it comes to intentions of Greek government to implement the package of reforms was finally overcome.

He explained Greece accepted key request of trustees to, transfer funds though privatization to a special fund in Luxembourg to provide that they are spent on debt repayment, not salaries and pensions.

This, along with the request that spending money from the package is controlled by the International Monetary Fund, not Greek government, was the main trouble spot of last night’s marathon session. The Dutch minister explained that the agreement will come into force late next week after parliaments of Greece and its European partners adopt it.