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Eurozone Greece bailout: main points

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(BRUSSELS) - Here are extracts of some of the main points in eurozone leaders' final statement at a summit that agreed a second emergency bailout for Greece to prevent a debt crisis engulfing the eurozone.

159 BILLION EUROS

IMF and European contributions total 109 billion euros, with private lenders providing a further 50 billion, equivalent to a total of $229 billion.

WHATEVER IT TAKES

"We reaffirm our commitment to the euro and to do whatever is needed to ensure the financial stability of the euro area as a whole and its member states."

GREEKS BEARING CUTS

"We welcome the measures undertaken by the Greek government to stabilise public finances and reform the economy... We are conscious of the efforts that the adjustment measures entail for the Greek citizens."

NEW GREECE BAILOUT

"We agree to support a new programme ... designed, notably through lower interest rates and extended maturities, to decisively improve the debt sustainability and refinancing profile of Greece."

GREECE REFORM DEMANDS

"We call for a comprehensive strategy for growth and investment in Greece. Member states and the EU Commission will immediately mobilise all resources necessary to provide exceptional technical assistance to help Greece implement its reforms."

PRIVATE SECTOR ROLE

"The financial sector has indicated its willingness to support Greece on a voluntary basis... We will provide adequate resources to recapitalise Greek banks if needed... Greece requires an exceptional and unique solution."

EUROZONE DISCIPLINE

"All other euro countries solemnly reaffirm their inflexible determination to honour fully their own individual sovereign signature and all their commitments to sustainable fiscal conditions and structural reforms."

BAILOUT FUND ROLE

EFSF bailout fund will be allowed to act pre-emptively to prevent contagion including by helping refinance struggling struggling countries' banks and buying their bonds cheaply on so-called secondary markets.

IRELAND, PORTUGAL

"We are determined to continue to provide support to countries under (bailout) programmes until they have regained market access... We welcome Ireland and Portugal's resolve to strictly implement their programmes."

GOOD GOVERNANCE

"We invite the President of the European Council to make concrete proposals by October on how to improve working methods and enhance crisis management in the euro area."


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