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Cameron: Greek deal 'gives stability a chance'

David Cameron has welcomed the Greek debt deal, saying it gives stability in the eurozone a chance.

The Prime Minister said: "What's in Britain's interest is that there is stability in the eurozone and there isn't the threats of uncertainty and instability and I think this deal gives that sort of stability a chance. But obviously there is a long way to go to put into place all the things that have been agreed."

Osborne gives 'cautious welcome' to Greek deal

George Osborne has cautiously welcomed the Greek deal, but said: "we need to make sure it works for our country as well as the rest of Europe."

The Chancellor added: "What we really want to see is this turned into a lasting solution. Because this risk from Greece hangs over the whole European economy, including Britain."

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Greek rescue deal: What we know so far

Eurozone leaders have reached a tentative deal on Greek debt - here's what we know so far:

  • The Greek government requested a three-year,€53.5 billion (£38.5 billion) rescue package from Europe's bailout fund. The fund will be run with European oversight.
  • In return for a commitment from Greek PM Tsipras to push through pension, market and privatisation reforms, the 18 other eurozone leaders have agreed to start talks on a new bailout.
  • However the Greek parliament must still approve the agreement.
  • The deal means that the ECB can continue to support Greek banks, which have come close to collapse.

National democracy and eurozone membership 'incompatible'

Nigel Farage has reacted to the tentative Greek debt deal to say that the agreement shows that: "national democracy and membership of the eurozone are incompatible."

If I were a Greek politician I would vote against this deal. If I were a Greek 'no' voter I would be protesting in the streets. Mr Tsipras's position is now at stake. This conditional deal shows that national democracy and membership of the eurozone are incompatible.

– Nigel Farage, Ukip leader

Hollande on Greek bailout deal: Europe has won

French President Francois Hollande. Credit: Reuters

French President Francois Hollande has said "Europe has won" as a debt deal was struck with Greece.

He said that to have lost Greece as a member would have been to lose "the heart of our civilisation" and called on the Greek parliament to convene within hours to adopt the new package of austerity measures.

Greek banks are expected to remain closed for a few more days while details of the package are finalised.

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Greek deal despite loss of 'most important currency, trust'

German Chancellor Angela Merkel said that a deal was struck over the Greek crisis despite the recent loss of trust, which she called, "the most important currency."

Angela Merkel. Credit: RTV

This success has come in spite of the fact that in the past few weeks and months, the most important currency, namely trust, was indeed lost between us, but as we all know, paper is patient.

In other words, (going forward) step by step, what will be important will be to implement what we have agreed on during the night. In the opening paragraphs of this document, we point to the fact that trust needs to be rebuilt, that those in charge in Greece have to to take responsibility for what we have decided here politically in order to be able to implement all of it.

– Angela Merkel

Greek PM: We will continue to fight to return to growth

Greek Prime Minister Alexis Tsipras. Credit: RTV

The Greek Prime Minister has said his country "will continue to fight to return to growth" after accepting a bailout deal.

Alexis Tsipras told a news conference it had been a "tough battle" with "difficult decisions" but he had managed to "avert a banking system collapse" and stay in the Euro.

The terms of the deal will include debt restructuring and a debt package of €35bn.

'Loss of Greek sovereignty' with €50bn privatisation fund

Greece will see a 'key loss of sovereignty' with the €50bn fund, as part of the eurozone deal, ITV News Economics Editor Richard Edgar reports:

Jean-Claude Juncker: 'There is no Grexit'

Jean-Claude Juncker, the president of the European Commission, has said there will not be a "Grexit" after agreement was reached on a new Greece debt deal following "laborious" talks in Brussels.

ITV News' Richard Edgar reports:

Today, we had only one objective: to reach an agreement. After 17 hours of negotiations, we have finally reached it. One can say that we have 'agreekment'. Leaders have agreed in principle that they are ready to start negotiations on an ESM programme, which in other words means continued support for Greece.

There are strict conditions to be met. The approval of several national parliaments, including the Greek parliament, is now needed for negotiations on an ESM programme to formally begin.

Nevertheless, the decision gives Greece a chance to get back on track with the support of European partners.

– Jean-Claude Juncker, the president of the European Commission
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