Greece had accepted most of the tough conditions imposed
by international lenders (It had no option left) but was continuing to reject German-led demands for
the sequestration of state assets to be sold off to pay down debt and resisted a full role for the International
Monetary Fund in a proposed 86 billion euro bailout, which German Chancellor
Angela Merkel has declared essential to win parliamentary backing in Berlin. On
many issues, Greece PM had to accept what resembled surrender terms, abandoning
any hope of the end to austerity he had promised Greeks when his radical
leftist Syriza party was elected in January.
"Euro summit has unanimously reached agreement. All
ready to go for ESM programme for Greece with serious reforms and financial
support," European Council President Donald Tusk announced, referring to the European Stability Mechanism bailout fund.
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