German Chancellor A. Merkel

German Chancellor Angela Merkel was appreciative of a text that Eurogroup finance ministers had sent to the European Council that laid the groundwork for a deal on Greece. She said a Grexit is off the table now.

Angela Merkel says that relations between Berlin and Athens that have deteriorated  this year can be restored. “Eurogroup is ready to grant a longer grace period and longer loan maturities” that favor Greeks.

French President F. Hollande

French President Francois Hollande said that a bond between France and Germany was necessary to guarantee the strength of the Eurozone. He said that there were hours worth of meetings with himself, Merkel and Tsipras. He said that Tsipras was brave in agreeing to further reforms so that he could get aid for his country over the coming years.

Greece would get 35 bn euros worth of funds for development. Greeks have not been asked to sell off 50bn euros overnight but at the best time to get the best possible deal.

Solidarity was needed to overcome problems. He said that at some point there was fear that there would be a Grexit. He pointed to Greek culture as fundamental to Europe and European ideals.

He said that the new deal lays the foundation of a new Europe.  “After a difficult night, a new deal dawns for Europe,” he said.

Asked about Greece’s humiliation, he said that a program worth 80 bn euros was offered to Greece as well as 35 bn euros for development and solidarity. Greece has already been asked for a lot of austerity. Greece was asked to make reforms that the country’s PM had agreed to in proposals that passed through Greek Parliament on Friday.

He said that humiliation was never on the table for Greece, but asked about Greece’s sovereignty being lost by being forced to be pass through legislation by the middle of the week he pointed to the need for this to happen so that trust and goodwill to be reinstated.

“Europe won!” he said.

Tsipras got a hug from Hollande on the way to his car: