At a press conference after the all-night talks the German chancellor said the deal was worth €86-87bn over three years. She added that trust with Greece “needed to be rebuilt.”
As dawn broke in Brussels after 14 hours of arguments, the Greek prime minister, Mr Tsipras, appeared to have bowed to pressure to pass tough reform laws, including on tax and pensions, by Wednesday and prepare further rapid reforms this month.
The euro jumped on news of a deal, up to $1.1175 against the dollar, while Bunds prices were sharply weaker, showing much lower demand for safe havens.
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