European Commission

News | 13/07/2015

Agreement on Greece; President Juncker satisfied: "There will not be a Grexit"

Jean-Claude Juncker, President of the European Commission, with Prime Minister Alexis Tsipras, President François Hollande and Prime Minister Charles Michel at the Euro summit, Brussels, 12 July 2015Jean-Claude Juncker, President of the European Commission, with Prime Minister Alexis Tsipras, President François Hollande and Prime Minister Charles Michel at the Euro summit, Brussels, 12 July 2015

In the early morning of 13 July, the Euro summit agreed to start negotiations on a support programme for Greece under the European Stability Mechanism, subject to strict conditions and accompanied by support for growth and employment in the order of EUR 35 billion.

In the early morning of 13 July, after seventeen hours of negotiations and after an almost equally long meeting of finance ministers in the Eurogroup, the Euro summit agreed to start negotiations on a support programme for Greece under the European Stability Mechanism. This programme will be subject to strict conditions and accompanied by a growth and employment package in the order of EUR 35 billion.

Several parliaments, including the Greek parliament, will have to give their blessing to the formal start of negotiations. Finance ministers will also discuss about a short-term bridge financing.

At the final press conference President Juncker said: "There will not be a "Grexit". (…) I am satisfied both with form and substance of the agreement". He then highlighted the agreement found on the EUR 35 billion support package to stimulate growth and jobs in Greece – something the Commission has always insisted on.

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