Meeting of Heads of State or Government of the Euro area, Brussels, 21 July 2011: EU leaders agree €109bn Greek bail-out

The emergency meeting of the Heads of State or Government of the Euro area (Eurogroup) was held on 21 July 2011 in Brussels, in order to discuss the financial stability of the Euro area as a whole and the future financing of the Greek bail-out programme.

The euro area leaders took three important decisions according to Herman Van Rompuy, President of the European Council. 'We improved Greek debt sustainability, we took measures to stop the risk of contagion and finally we committed to improve the eurozone's crisis management.

The Agreement was seen as a political victory for Angela Merkel, Germany’s chancellor, but one that would almost certainly lead to the first default on eurozone bonds.

Greek Prime Minister George Papandreou said he welcomed the 'support and collective will' shown by the eurozone leaders and the EU’s institutions'.

Die Welt, 21.7.11: An expensive breather (via PressEurop) http://www.presseurop.eu/en/content/article/791541-expensive-breather

PressEurop, 22.7.11: Greeks relieved but mistrustful http://www.presseurop.eu/en/content/article/790841-greeks-relieved-mistrustful

The Guardian, 22.7.11: Monetary union – the European time bomb (via PressEurop) http://www.presseurop.eu/en/content/article/790641-monetary-union-european-time-bomb

PressEurop, 22.7.11: New deal http://www.presseurop.eu/en/content/editorial/791211-new-deal

CEPS: Commentary, 22.7.11: The EFSF as a European Monetary Fund: Does it have enough resources? http://www.ceps.eu/book/efsf-european-monetary-fund-does-it-have-enough-resources

ESO: Background information: EU must take ‘bold’ decisions on crisis / Talks focus on Greek debt http://www.europeansources.info/record/eu-must-take-bold-decisions-on-crisis-talks-focus-on-greek-debt-bank-tax-proposed-to-help-greece-bail-out-barroso-warns-of-greece-shockwaves-germany-and-france-reach-greek-ac/

European Commission: RAPID: SPEECH/11/534: European leaders have agreed a new €109bn bail-out of Greece under which private bondholders will be called on to participate for the first time, contributing a target of a further €37bn. http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/11/534&format=PDF&aged=0&language=EN&guiLanguage=en

European Council: Press Release, 21.7.11: A common response to the crisis situation http://www.european-council.europa.eu/home-page/highlights/a-common-response-to-the-crisis-situation.aspx?lang=en

Council of the European Union: Press Release, 21.7.11: Statement by the heads of state and government of the euro area and EU institutions http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/123978.pdf

European Council: President: Press Release, PRES/11/259: Remarks by President Van Rompuy at the press conference following the Eurozone Summit http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/ec/123980.pdf

Council of the European Union: Webcast of the Press Conference, 21.7.11 http://video.consilium.europa.eu/index.php?lang=EN&sessionno=3520

BBC News, 22.7.11: Greece aid package agreed by eurozone http://www.bbc.co.uk/news/business-14245250

IIF: Press Release, 21.7.11: Greece Financing Offer: Statement by the IIF Board of Directors http://www.iif.com/press/press+198.php

IMF: Press Release, No.289, 2011: Statement by IMF Managing Director Christine Lagarde on the Eurozone Leaders' Summit http://www.imf.org/external/np/sec/pr/2011/pr11289.htm

Deutsche Welle, 21.7.11: Europe announces a fresh, 'credible' Greek rescue deal http://www.dw-world.de/dw/article/0,,15258512,00.html

France24, 22.7.11: New deal to shave €26 billion off Greek debt load by 2014 http://www.france24.com/en/20110722-new-deal-26-billion-greek-debt-load-2014-eurozone-crisis-bailout-default-imf-finance

Kathimerini, 21.7.11: New deal for Greece agreed http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_28787_21/07/2011_399408

EUObserver, 21.7.11: Euro leaders agree second Greece bailout and overhaul of rescue fund http://euobserver.com/9/32649

EurActiv, 22.7.11: Banks to shoulder €37bn in fresh Greek bailout http://www.euractiv.com/euro-finance/banks-take-37bn-hit-fresh-greek-bailout-news-506709

EUObserver, 22.7.11: European Central Bank chief does not exclude Greek default http://euobserver.com/9/32651

EUObserver, 21.7.11: Ireland and Portugal get lower interest rates on bailouts http://euobserver.com/9/32650

Irish Times, 22.7.11: Irish bailout costs to fall by €800m as EU deal agreed http://www.irishtimes.com/newspaper/breaking/2011/0722/breaking5.html

European Commission: Speech/11/534: Statement by President Barroso following the meeting of the Heads of State or Government of the Euro area http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/11/534&format=HTML&aged=0&language=EN&guiLanguage=en

Spiegel Online International, 25.7.11: What Was Decided at the Euro-Zone Crisis Summit http://www.spiegel.de/international/europe/0,1518,776461,00.html

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