Greece gets enough to avoid another bailout trauma

Tsipras tweets after Luxembourg deal'Greece has turned page

Tsipras tweets after Luxembourg deal'Greece has turned page

Lagarde praised Thursday's loan agreement, stating that Athens would now be protected from future crisis moments because its financial needs in terms of debt service will be low. In essence, that could mean payments could be postponed in the event of an adverse shock.

In order to take into account possible differences between growth assumptions in the DSA and actual growth developments over the post-programme period, the EFSF reprofiling would be recalibrated according to an operational growth-adjustment mechanism to be agreed.

But the deal was not enough for the European Central Bank to include Greece in its government bond-buying programme for now, as the ECB needed more clarity on what kind of debt relief Greece will get from its worldwide creditors.

Eurogroup finance ministers met on Thursday to review the bailout program for Greece.

He thanked the "Greek people for their intense efforts and resolve" after the government in Athens passed the latest in a series of tough reforms to get the cash.

Speaking on the sidelines of a meeting of the eurozone's 19 finance ministers, Pierre Moscovici said the Greek government had respected its bailout commitments and that it's now time for the country's creditors to "take theirs".

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She said she hoped the agreement in principle will "give confidence to investors on the prospects for the Greek economy to grow and its people to prosper" and that "the discussion over specific debt relief measures can soon be brought to conclusion".

Berlin also wants to retain leverage over Greece to make sure reforms remaining under the bailout are implemented.

"The deal should pave the way for the European Central Bank to include Greece in its QE (quantitative easing) program, which in turn should unlock access to markets for Greece, putting the country on the right track towards exiting the bailout program next year".

A vote in the Bundestag could embarrass conservative Chancellor Angela Merkel as some of her lawmakers oppose aid to Greece ahead of German elections in September.

"We can't live on 300 euros ($334)!" they chanted, with some waving sticks.

The meeting is set to decide on whether Greece has done enough for the bailout funds to be released and provide more clarity over what sort of debt relief the country can expect when it exits its bailout program next year.

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But with most of the debt-relief measures still left to be "calibrated" next year, Greece may not be able to rely exclusively on markets for debt refinancing when its latest bailout expires in 2018, especially if its economic recovery remains subdued.

"We recognize that we did not want the flawless to be the enemy of the good", he said.

Pictures pinned to the fake wall depicted Prime Minister Alexis Tsipras, with a tie pinned to his neck.

The deal does not end the seven-year-old Greek debt saga but marks the beginning of a significant new chapter for both Greece and the other eurozone countries as it brings the International Monetary Fund back on board.

For Greece, Thursday's agreement should limit the amount it has to pay out in debt servicing each year, freeing up money it can use to help the Greek economy and society.

Greece has been bailed out on three separate occasions since 2010, with Germany emerging as the main contributor to the nation's debt relief funds.

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