“This has been a pretty bruising experience over the last period but what this allows for is a document that’s agreed now that will be the basis for negotiations for a programme for Greece which will allow the Greek economy to thrive and prosper and to continue to remain a member of the Eurozone.
This was a point I stressed before coming here, that Europe should not do anything to cause a Grexit as it’s referred to. This is a challenging position for Greece, a very challenging position but it’s one that the Prime Minister himself has said that he is up for. The first requirement now is for the document to be voted on by the European Parliament. It then has to be followed through with other parliaments voting on it: Finland, Germany. And there are agreements in respect of pieces of legislation to be put through the Greek parliament this week and for others to follow suit. Clearly, the sticking points were the involvement of the IMF and the €50billion fund. This has been settled and agreed and an arrangement has been made for the use of those funds in respect of Greece in terms of privatisation where 25% of proceeds can be used for investment for and the remainder for debt reduction.
So, the IMF is an accepted point by the Prime Minister and their involvement, in terms of their ability and experience in assessing values and conditions, is accepted.
What’s in this for Greece is the potential to grow their own economy to bring it back to a point of stability where growth, investment and jobs can be created and to remain a member of the Eurozone which was the object of the the exercise from the Prime Minister’s point of view in the first instance.
There were quite a number of periods during the course of the night where bi-lateral discussions and references had to be made to details that were in the document but it does start off, by setting out the critical need and the crucial need for the rebuilding of trust.
So I welcome the fact that agreement has been reached after an all-night session. I welcome the fact that this has been accepted by the, by Prime Minister Tspiras, that it is hoped now that this can go through the Greek parliament with assistance from all sides and that it forms the basis for negotiation for a third programme and the details of that will obviously, you know, be discussed over the coming period.
…There was a great deal of discussion about the €50billion, how that might be used and what the outcome would be. Clearly that’s not something that can happen overnight but I did point out that in our own case in Ireland, on a lesser scale that in involvement with the Troika, we were able to use a significant amount of privatisation funds for investment for job creation, provided that it did not interfere with the deficit targets that had been set by the Troika. So in Greece’s case there’s a 25% opportunity to use for investment as well as for debt reduction
Taoiseach Enda Kenny speaking to journalists this morning after Eurozone leaders talked through the night before reaching a deal with Greece to negotiate a third bailout.