Percentage point and friends u france up. Up a quarter of a percentage point. Questionable reaction at will see muted reaction overall. Today, the relief we could have a deal done. You mentioned a oil. I want to bring that across. We are seeing oil lower. Down almost two percentage points. As applied to keep going as we have a deal in iran. A day deals. Greece and potentially iran. Sanctions potentially lifted as they strike an accord. Today greece when you looking at the equity markets and the bond market. Calming down of the periphery lets go to greece with the 10 year. 11 basis points. Clearly, money going into italy and spain and the periphery of europe. That fear of contagion removed. Similar moves for spain and the haven as we saw a earlier in trading. Rises in germany and bond prices falling. Leave you with a twoyear. Where you see significant moves and shortterm debt. Off by almost one percentage point. I will send it back to you. Jonathan the euro summit has unanimously reached an agreement on degrees. Ryan chilcote joins us. Lets start with eu. Comment thick coming thick and fast. What is the latest . Reporter quite a flurry of activity behind me on the floor where the press is gathered and moving to the News Conference which we are told it will star in a few minutes. That is where we will get the details. An agreement after 17 hours of negotiation. We know there was a Sticking Point when Alexis Tsipras declined the creation of an independent fund to sell state assets to Privatization Fund in other words. Have they, too it agreement on about that that is what we will want to know and all of the conditions and that will be outlined in the News Conference area eu leaders coming out of that summit as i speak. Coming through the exit where we are seeing various comments. I am told mario draghi, the ec president , guest ecb president , sloot the ecb president , slipped on the side door. Jonathan out to Ryan Chilcote and the next steps and whether it can get through the respective parliaments. Can tsipras get it through kevin what we know at the moment about the deal . Data given whats we know at the moment about the deal . Given what we know at the moment about the deal . Ryan yes, he can. One interpretation is he has a mandate to get this deal done. He has gone in with that. We had a vote in the parliament over the weekend where 251 of the 300 proletarians said he and we will support pension cuts and increase in sales taxes. That is very positive and some of the things the eurogroup has been looking for. Other demands that they will have to codify what they agreed to and have to agree to some of the new demands. Which ones, we do not know. We have not heard the details of the final agreement. It looks i get the support within the party. What they the eurogroup will look for is the ruling Party Rolling back initiatives implemented without the creditors support and the idea of automatic spending cuts should greece not meet its budget target. Maybe all of it is doable. Is there was a Sticking Point is greece was stick the creation of a 50 billion euro fund which would house greek state assets that would be sold off as collateral should greece not repaid it is looking to get as part of the third bailout or repay the other money. We know the greek Prime Minister was pushing on the that earlier. Maybe thats something he does through the parliament. Extraordinary how many changes over a couple of weeks ago. This privacy or has the support of his country. You thought the results of the referendum saying no to austerity meant we were moving away. In an odd way, rapidly moving in the other direction. Tsipras is the man who can get it done. People think he has 72 hours but yes, he can do it. Jonathan stay with us. Out to caroline hyde. The headlines coming through. What the deal may or may not look through. Caroline christine lagarde, head of the imf, has received no money from greece. So far saying it is a good step to rebuild confidence. It has been struck unanimously from the president of the European Commission and comment out saying a deal has been done unanimous lee. A press conference in a few minutes. Euro trading flat. It had spiked and recovered those losses and basically flat 1. 11 we saw it drive higher and stocks the drive higher. Mario draghi left without a comment. He has plenty of work to be done. The greek banks capitalizing now. Will it extended the ela . It has been cash. It is on the mind of the president of the ecb. We will keep an eye. Christine lagarde saying the greek deal is a good deal to rebuild confidence. Hearing from finlands leaders say the greek proposal is a step in the right direction. And he helps everybody respect greeces deal in the eu. The Prime Minister of spain a saying that. Jonathan nejra, yesterday if you told me there will be an agreement, i wouldve doubted it. Here we are with an agreement. The damage that has been done to get there. Yesterday, more austerity and more from greece by wednesday. On top of that, a divide playing out publicly between france and germany. Is it one of the dominant stories playing out for you . Nejra cehic yes, it absolutely has, jon. Before the meeting started, germany was looking for greece to exit the euro for five years. When you got of document from the eurozone finance ministers with a demand, it talked about a timeout for greece. Later it was taken out of the document. I am sure we will find out exactly where we stand on at that area that has been one of the big issues and a bit issue has been trust. The creditors and finance have been questioning whether greece can be trusted to act on his word. One of the reasons actually the demands have been harsher than what we have seen above four. They said greece had to put the reforms into law in the three days time before getting any kind of a bailout. We have got some sort of agreement now and looking to see what the details are. The comments from the imf given one of the Sticking Points from Alexis Tsipras camp is it that wanted the imf to play a smaller role in a third bailout. Itll be interesting to see what the imf has eventually. Looking unlikely even up until about an hour ago, jon. Now, we can turn to the News Conference and see exactly what it is they have agreed. Jonathan thank you very much. Our investors reaction. Jeffrey and stephen colon. Steven cohen. Jeff, a deal but we do not know what it looks like. Can this get through the Greek Parliament without the government breaking up . Jeff about an hour ago, as far as the reaction we have seen and we will cross that bridge when we get there. Some kind of deal to avoid greek banking sector. The ecb will bear the day here one way or another. Judging by the attendance of our morning the meeting, it seems like [indiscernible] not too much of a positioning and something will come through. Jonathan on another sunday we thought we would wake up to a bloodbath and it did not happen. Is it the same for you guys your clients are fatigued with the whole thing . Just looking at what is happening with the markets and i will not position on this because nobody knows where it is going. Guest theres been an element of that. Very uncertain and unclear every weekend what is going to happen on monday. People are running low risk in most asset markets. Partly waste the relatively muted reaction. Jonathan i want to take a listen in. In other words, continued support for greece. There are strict conditions to be met. The National Parliament and now need for negotiations on the program to formally begin. Nevertheless, the decision gives degrees greece a chance to get back on track with european partners. Also the economic and political consequences. The progress position of greece to bring back the partners. Following procedures, the eurogroup will work with the institutions to take forward the negotiations. Finance ministers to discuss how to help greece meet the financial needs. Thank you. I would like to thank the commission and i know how dedicated you were in this process and how involved and thank you very much. And this agreement it would not be even possible. Thank you very much. Good morning, ladies and gentlemen. We have found an agreement. The agreement was laborious and took its time. It has been concluded. From the beginning of the socalled greek case, the commission has repeated again and again that we would not accept any form of grexit. There is no grexit. And we are satisfied with the result we have found. The commission has always taken the utmost care to stress one dimension of the problem, namely the need for fiscal consolidation. And the efforts to be made by greece. We should never forget the fact that in greece there is a need for growth and creation of jobs. I am very happy that the greek proposal of 35 billion of support the real Greek Economy has been accepted by the European Council. Thank you. Thank you. We use then we spent 17 hours in the summit. We spent 14 hours in the eurogroup going through all of the issues that were on the table. As my colleagues have always said, trust was a key issue but who worked very hard on issues regarding reforms and fiscal situations and debt problems financing needs, etc. We were able to agree on a lot of these issues putting in at stratford to get greece back on track. We prepared reports with a big, open issues. And of the course we have rish agreements with government leaders weve reached agreements with government leaders. We will find in the agreement some of the issues have been brought forward so the greek party will be legislated on a number of issues. We will also work to bring brack trust back trust in the process and the Member States. Very concrete agreements with where the greek proposal have to be strengthened forward. Also, we need to a dress they issue of financing the debt address the issue of financing the dax. A fund will be set up which will assets will be transferred to the fund to monetize these assets either by privatizing or running the assets and trying to make money from them. That money will be used to deal with the debts and reduce debts. Also it will be used for repayment of capitalization of banks. One of the big issues will have to deal with is the problems in the banks and the fund will contribute to the repayment of those capitalization it needs. And finally, on top of that once in the 25 once the 25 billion needed for recapitalization is repaid, the remaining funds from the funds will be used for 50 to bring down dead even more and 50 can be invested to bring down debt even more than 50 can be invested. One of the key elements for debt sustainability and return to greece and investors confidence returned to greece. In the eurogroup, we will pick up on the work. After i try to get a few hours sleep. The process will be on the greek side in the coming days tuesday, wednesday, they will legislate both the total agreement would require approval either Greek Parliament and also the first prior action, the first legislation outlined in the agreement. Once work has been done in the Greek Parliaments, we will have a eurogroup call probably on wednesday and that will be the trigger for the other National Parliaments to start their procedures. Jack could take place on wednesday, thursday, friday, i cannot be precise because they are sovereign. Once in the National Parties have dealt with what has been on the table, we will have a more formal decision by the eurogroup board of governors which is the decision under article 13. 2 of the treaty which allows them to our the formal negotiations. The institutions will do the formal negotiations for us. Once it is completed it will have to deal with finance needs and debt sustainability and a very important moment to come to a completion of the deal. That is still weeks ahead because a lot of work needs to be done. The first couple of days to the Greek Parliament and as soon as they have done the legislation on the first elements the National Problems will go to work. Hopefully by the end of the week we could take a formal decision and give the mandates to draw of the deal. That is enough for me. Thank you. I will open up with the questions. They will only take a few questions. Thank you. Check radio. During the night, in regards of financing there is a possibility to use the esm funds. I will like to know if you could confirm this and if yes, could it be discussed tomorrow . Arent you concerned that the greek government might not be able to survive this agreement . Lets be frank taking into account there seems to be a total dereliction of everything asked of before. Thank you. Should i Say Something on greek finance it . We have been asked by the summits tonight and later on today and the eurogroup returns to greek financing. That is basically all i can say. All Member States but its too early to say which way we will go. We will look at it later today. [indiscernible] the proposals we represent today and the first question is i am convinced the greek government will be able to pass all of the decisions which have been taken today. We will take one more question. I would like to ask you about the guarantee fund, how big will he be and what it will be comprised of . Thank you. It is targeted at 50 billion. There will be a setup of the governance with experts in the field. The experts will see what the assets can be that our best fit. I will not give you any examples because it is not my specialty to say. [indiscernible] it will be best in greece. Sorry, i thought you meant something else. It will be set up and that is what it is used for. We will take one last question. The associated press. Over the past few days and through the negotiations and a sense before it was published yesterday, you have, under increasing pressure criticism for being too harsh on greece and its people. You are accused of staging a coup. If you could react to those criticism. Thank you. The situation would be worse after the referendum and this is proven to be true. But in this compromise because it is a compromise, there are no losers. I do not think of greek people have been humiliated and the other europeans are losing their face. It is a typical european arrangements. Thank you. That is the en of the press conference. Djonathan the conclusion of the eu summit. Plenty to get through. Well wrap it up with caroline hyde. Caroline jack speaking and president of the European Council saying a deal had been struck and ready for negotiations on an esm program. Strict conditions that will be laden upon greece and parliamentary approval is now needed. We heard from dusselbloem outlining the course of events now. Next couple of days will go to the Greek Parliament to be voted through. We heard from Jeanclaude Juncker saying he was optimistic that the deal would get through the Greek Parliament. And then to the other Eurozone Parliament who need to sign off. The lights of germany and were from Angela Merkel saying it will be voting on this proposal. Greece first and then the rest of the eurozone members will have to sign up and handed over to the rest of the negotiations and will be asked they draw up a deal. Understanding where it is taken next. The esm and formal and rest of the imf and ecb in other key players will have to really draw up the finetuning of what this deal looks like. We heard 50 billion euros, the target, fund of greek assets has been established and that will be monetized they say. Either selloff privatized assets or run to make a profit. State assets and used to withdraw the debt, reducing the debt and have a rebate and have a repayment for jonathan thank you. A statement from Angela Merkel. Take a listen. Angela merkel before will contact our parliaments to look at the matter, first the parliament, if the Greek Parliament would decide on the action and vote favorably then the institution and the eurogroup will certify that what we have agreed on can go on as we agreed. And then we will [indiscernible] extraordinary meeting in order to take the necessary vote. We have always said it is about the programs. The young measures agreed in june beyond the measures agreed in june, measures have to be taken on the complete overall pension system, reform of the product market. On privatization and changes in the labor market and all of that is clear and has been a clear and also stated in the text. We also talked about the programs and the volume and 86 billion to 87 billion euros over. And we this can be created also the world setting up a Privatization Fund to the tune of 50 billion euros which would then also include the privatization of the recapitalize banks and revenue of this font which will beat fund which will be working under european superstition will be used in order to at least in some part redeemed the debt incurred under the esm. Improve the debt sustainability and at the same time this 50 billion euro fund, 2. 5 billion euro fund will go toward direct investment. We want to use the best possibilities available to us to privatize and we want to obviously get the best possible revenue out of this, these access area we need to support the program as well. A lot of elements of the program that we saw in the past when it was about implementation that was quite considerable difficulty of realizing. We then pointed to the fact that in drawing up the program and verifying the implementation of the program we have to combat to the north come back to the normal work so that what happens in greece is in line with what happens in the other program countries. So far, that has been somewhat difficult. Humanitarian crises and we want to support the greek government and helping of humanitarian crises so that means the loss adopted at the but laws at the beginning of february these laws will be repealed again on the overall volume. We need a considerable part of that money 25 billion euros for recapitalizing the banks and no doubt at all the situation has worsened considerably over the past few months. It has to be stated again in the whole of europe, we see growth happening. By the end of last year greece also was able to generate some growth which was lost over the past six months. We dealt with instability and the following way and came back to the eurogroup in november 2012 and said the euro is ready and necessary to adopt additional measures. And maturities and we will speak about this once we have the First Successful evaluation of the new greek program. We said however, nominal is out of the question for us. So once the parliaments have decided, one can start working on the sem program and ministers will deal with the issue of how we can bridge the financing until the Program Kicks into place. The ecb is expecting repayment of 3 billion euros so the eurogroup have to deal with this. All in all, the advantages outweigh the disadvantages. And agreements hopefully will be met. There is a broad array of support which is they are implemented offer up the possibility of greece to return to the growth but it will take a long time and will be an arduous road we shall travel. It is worth every effort it has been. You come to a common agreement. The first question. Will plan b remain in the sense of recommending greece a timeout should this program not fly . And your Parliamentary Group seems to be irritated and ask for a vote of confidence . Angela merkel no, i will not. Plan a has been realized so there will be no plan b. What was sometimes overlooked is such a plan could enter into force if greece had asked for it. It wouldve been a cooperative approach and not something we can impose on the greek government. We always me an agreement by the 19th. The evaluation follows it is something that could only have agreed on together with a greece and greece has pointed out time and time again it wishes to remain in the euro area. We have had tough negotiations and tough conditions have been put into place also because to enable us to actually be convinced such a program can be carried out area also so our parliament knows the framework in which is a program will be carried out. Not a necessary to have some time for the actual drafting of this program. You talked about trust are you confident all of that will go through the Greek Parliament this week . The situation in greece is tenths. Tense. There is a certain amount of interest to go through the necessary steps to make it happen. I have no reason after this point of time no doubts that the plan that we mentioned here have apparently been prepared already. So, i think that trust can be regained. Mr. Hoffman . Did i understand you correctly, madam chancellor the finance ministers will deal with this issue, something is not the seri . And necessary . Greek ownership is not recognizable, what was the mood in the room . Irritation or businesslike atmosphere if you consider how long we talked. The finance ministers will deal with the issue. We have gone into quite deeply because of the political difficulties and ramifications. Very grateful to the finance ministers for preparing a text and there were brackets and gave us a good structure and questions such as financing and the details and perhaps beyond the ability because it is so complicated. We have our experts to deal with this. A brief question on financing. Any idea how it will be counseled out . Carried out . For what you need more money . Angela merkel for the banks. Dont you need a more . It is clear the money owed to the ecb has to be found. I cannot give you any further indications. You would have to ask a finance minister. They will have a meaning today and tomorrow. Wonderful how this plays out. And on this trust fund until when will this be established . We have said this needs to be setup and there is no timeframe for this. Probably get the papers and an interesting structure. I can only tell you that 50 billion will of the generated over time to be used to redeem the esm debt and it will be extended over a fairly long period of time and it concludes the bank which actually earned and have to be recovered. Capitalization and recouped from the revenue and go directly into investments. Madame chancellor, if you look at what you have agreed during the night, is there any sense to the referendum a week ago and the results of the referendum, are you confident all decided not only be met with the approval of the parliament but also will be accepted by the people of greece . Angela merkel what has come out as something guiding Alexis Tsipras, the greek Prime Minister, the fact that the greek population has obviously the clear will to remain a member of the euro. I think all of these different processes and approaches have led to making this crystalclear and at the same time, broad majorities to be found in the Greek Parliament that have not existed in the past when it was about supporting the process. I want to point out the one point, apart from the trust fund or the fund which is about help and privatizing assets. It is also important to strengthen the government by modernization of the administration. The whole structure of the trade and pursuing a Capacity Building rendering the whole of the administration left political and until the 20th of july there is to be a discussion with the institutions about this. Very well. Two questions. Madame chancellor, you said that you will invite the bund the sack for a vote once the Greek Parliament has implemented this and they could only invite by the middle of this week and will meet next week. Is that of the timeframe. And the french the greece the greeks do you think its what the greeks have to swallow. Angela merkel i would never do make those comparisons and i never have. Does the line with the programs we have agreed and talking about the programs and was nothing special the banks due to the preceding have been put in the worst position than before. This completely in line with what we had by way of a program. And the cyprus example as head of government i cannot preempt the provisions of them. We were informed. In the Committee Level our talk to the speaker and later to the representative of the proletariat group how we bring Parliamentary Group how we pursue. Before we know that those in greece have the necessary decisions where it will be then and we will see. I would like to perhaps built on the question of my colleague on the greek ownership in this. It is not it does it exist . Angela merkel it does exist. The high financial requirement is there. It is also there because there is a compromise of not using the 50 billion euros exclusively but also for investment and including an addition to the investment package that Jeanclaude Juncker put on the table. With some 13 billion euros we mentioned. And will have to come back to the promise in regards to the grace period and promulgation of maturities and the earlier Program Ground that program that was program that will significantly late. Now it will be done and brought forward. A number of areas where we accommodated the greek views. You will be the last. No one actually . Foreign journalists . Madame chancellor, before the summit meeting, a lot was spoken about the paper that the germans submitted that the this paper might well jeopardize the fran cogerman relationship. Can you tell us how the Franco German relationship was working and if there were certain areas where you had to accommodate first wall lunch Francois Hollandes views . Angela merkel i did not have the impression it was true this morning. I spent a lot of hours with the french president. And a lot of our talks we held together. Also with Alexis Tsipras and obviously, we have a specific style and specific approach. At the end together with the other 17, we were able to come to an agreement. A lot of jonathan that was german chancellor Angela Merkel about striking an agreement with greece. Alexis tsipras giving has reacted saying greece will stand on their feet. Tsipras said he gave a tough battle for six months. A tough battle all right. I want to bring in Ryan Chilcote. Jeanclaude juncker talking about the greece people not being humiliated. Tsipras is the man being humiliated . Ryan it is interesting. People will see it as capitulation of by the greek Prime Minister who has bench happening against champ and championing against austerity and now he will push it through this countrys parliament. The win him for him is the fund we hear about, the Privatization Fund or trust fund. 50 billion euros that will go as collateral should greece not repay any of its debt and will be used to recapitalize the banks. This was the Sticking Point and an obstacle and really a nonstarter a couple of hours ago for the greek government. It was going to be based in luxembourg and now based here in greece. That gives sippers the opportunity tsipras opportunity to say i won something as some of it is on our own terms. There will be political fallout within his own party. He has made clear that the important thing is to get a deal first and deal with the fallout after. Jonathan i want to bring in our guests who have been standing by and listening. Stephen and jeffrey stephan, six months ago he couldve gotten a better deal. He is trying to spin this as a win i am looking at the comments from Prime Minister tsipras. That was never the table in february, what is your reaction . Stephen he probably couldve got a deal 20 files before the referendum. A deal was on the table that was better. It will go through parliament but raises longerterm questions of his standing within greece and how the population reacts. Jonathan the consequences of this politically, he goes back to athens arguably embarrassed. What is your view and how long can it last in greece with tsipras as Prime Minister . Guest get the Banking System reopened and a practicality really forced his hand. In terms of his political future of the terms of growth. If it get a reopening and some light at the end of the common tunnel. But we see what has happened in the space of a week. That is probably six months down the line. Jonathan is it over politically . We know what will happen in greece through wednesday and beyond and the ramifications of the syriza government. What about around europe . Stephen that will be the biggest story we know within the eurozone, different views of thinking about austerity reform etc. You go back before december and that was of the discussion in europe this growing tension. That has been blown open again. Remember, big elections in 2017. Jonathan a big election in spain. How strong a message was at this . Back to yanis varoufakis, my conviction is a german finance minister wants greece to be pushed out of the single currency and have them except his a model of a disciplinarian eurozone. The fear of god . Geoffrey yu joining by his comments how things were going in this direction as far as his partys standing and also all of europe and it could backfire. Lets say it is too extreme and sympathy. The risk right now apart from the individual currencies is actually the split between north and south in terms of how they view this. That damage will probably take longer to repair. Jonathan i want to wrap up comments from a lexus head out to caroline hyde. Caroline getting comments from tsipras and he said a tough battle for six months and it has come to an end and the agreement will allow greece to stand on its feet. He said he managed to start transferring assets of broad and referring to the 50 billion euro target in which they will place state funds or in the privatized. He claims they have managed to stop it abroad. He said he said hes got the greek debt restructuring and that is what he is calling successful. The fact he got the greek debt restructuring the room. And fight to return to growth and democracy a dignity is what they sent a message. He said recession is inevitable and the measures protects the stability of the Banking System. It also most importantly puts a grexit to the past. Puts grexit to the past and this deal will be tough to implement but austerity measures can be offset with growth plans. Tsipras said it averts a collapse of the Banking System. We got to hear the outcome in terms of the banks and how much money will be going through to them in terms of bridge financing. We understand it will be. The Key Takeaways are grexit is in the past and the summit agreement averts a Banking System collapse. Jonathan thank you. Black rocks Stephen Cohen and ubs geoffrey yu. Stephen, will you say the greek topic will not come up again in 2015 . Stephen cohen it will come up because a recession is likely. Fairly quite important. Jonathan looking back at the summits staying up all night and not sleeping we joke about it. How do they really know that the money they pinpoint they greece needs is the amount of money they greece really needs in the years to come . Geoffrey yu just calculations right now and five higher over the past few years. My hope is they inject it. Lets say the imf is involved and we do not use the word anymore. Reviews and what is next . What actually stabilizes. The tax increases and spending cuts and more pain on the economic side. Jen the bank the market react jonathan market reaction. Euro is down by 0. 4 . What is the key driver . Geoffrey yu depends on what mario draghi says on thursday. Ela, is that instability and [indiscernible] if it has we could actually get more stimulus. Lets see how it hangs out. Jonathan would you talk by your clients taking risk off the table, getting over the greek hurdle is bad enough. Stephen cohen pretty significant spree of what web seen in terms of china is more stability and the iran issue and a triple whammy which would make people what was not focused on is in the First Quarter corporate did deliver pretty good profits. If it is not damaged the early growth cycle in europe, actually european equities will be in a place where we have a lot of interest. Investors wanting back in. Jonathan we have to leave it back here. Geoffrey yu and Stephen Cohen. Over to brussels and the french leader. Mr. Hollande. These last weeks. The possibility to respect the greek people but also the other nations in the eurozone and therefore bring their positions closer. And not a question of finding a balance but to the appropriate path. And also the european rules to be met and we had to see to it that greece would be in the possibility to find the necessary financing. Precisely what degrees greece was asking for being in a grim situation. And asking the institutions to the long with the esm treaty. Go with the third package and were common goal with the third package and recovery for stability to be taken. And of course some time to reach the results. But also this was to be seen on a very long period to enable greece to recover from the crisis but also a shortterm solution to put an end to the dire situation in which greece fines is sell. Liquidity have to be found banks have to be helped. And the finance ministers to find the appropriate financing mechanisms. And accompany the programs. How did we reach of these results . We took some time all night. I am used to it as you know. We had to devote some time to d iscuss every point to look into every detail to be able to discuss everything with the eurozone government. Greece and those must reluctant and asking for guarantees. So this francogerman relationship between madame merkel and myself was highly necessary if you wanted to reach a compromise. If there was no liquidity maybe differences of opinion and it may happen but if there is no cohesion for compromise, there would be no agreements. We spent a great many hours with the madam merkel and tsipras european authorities to reach this article. Tsipras greek Prime Minister who asked his parliament to adopt a stance on reform. Expectations were to be met and he made a very courageous choice. He was asked for other reforms yet other reforms. As the same time, he knew this was the very conditions to obtain in this 80 billion euro financing which will be made possible for his country. To finance his coming projects to meet the deadlines and majorities and 35 billion made possible of the Jeanclaude Juncker plan with investments and shortterm term financing. There said be a very long discussion on to the the fund of privatized but this cannot be a fund where the greeks wouldve been asked to sell their asset as we speak. No, they have to keep them to obtain the best possible yield and therefore allow for growth and also obtain the sustainability. This is what we discussed all over night and also at dawn. Now, the Greek Parliament are going to meet shortly. Within the coming hours to adopt new reforms and National Parliaments will also meet. As for france, this will be in wednesday and a vote will have to be issued on the statement by the eurozone countries. It will be followed by a negotiation of the program. What is made possible today is to allow for a new bail out and in the coming days or weeks this will take place. In the course of these negotiations, it will be necessary to go on financing greece. Reforms will have to be introduced. Greece must be put in a position to be more competitive and it must be allowed to grow again. Without growth, the debt manus that was mr. Hollande saying he is used to staying up all night to get deals done, talking about a temporary greek exit. Lets turn our attention now to nejra cehic standing by with the estonian Prime Minister. Take it away. Nejra thank you, manus. I am joined by the estonian Prime Minister, fresh out of the eu leaders meeting, to talk about this deal. Prime minister, please just outlined for me, what happens now