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 begi