deteriorate today a great extend and it has to be pointed out again and again in all of europe we have had growth now and greece was at the beginning of growth six months ago and therefore the past six months really were not successful. we once again looked at the question of whether the debts were actually manageable. and we looked at the statements of september 2012 of the euro group and we that said the euro group would be willing if necessary, to adopt further measures such as longer grace period and longer periods for the debt repayment. so this is something that that will be talked about once there has been a successful appraisal of this new greek program. but we have said that a nominal air cut is not an option for us.

so once the parliament have decided the e.s.p. program should then be further developments. in greater detail and the finance minister will certainly look on that situation. on the 20th of july there will be a repayment of to the ecb of 3 billion yes and of course once again the euro group will have to look at this. the advantages out weigh the disadvantages the basic principles have been adhered to. there is a broad away of reforms that if -- which if we were implemented will in pie opinion, help greece come back to the path of growth. but it will be a long path and i think it might also be a difficult path, of course. nevertheless, it is certainly

worth all of the efforts if all 19 can reach an agreement such as we have today. so the first question coming now now. >> reporter: chancellor, does plan-b continue to exist where greece night have a time-out from the euro if this program does not work? and looking at the dissatisfaction in your own party, do you think about asking the -- a confidence question in the bun does stag? no, i do not plan to do so. secondly plan-a has been realized so we don't need a plan-b. i would like to say something about this plan-b. firstly it has been overlooked that this plan could only ever have been implemented if greece had actually wished for it. so it would have been a cooperative solution and not something that we would have forced upon them you need the

agreement of all 19 member states of the eurozone. so that also would only have been something that we could have agreed upon together with greece. and greece has said again and again, that they wanted to stay in the eurozone. and therefore we have had these rather tough negotiations and tough conditions in order to have this e.s.m. program. so these are the guidelines which we have put down so that the apartment knows parliament knows what the framework would be for the negotiations before we officially start the negotiations. however the greatest detail would certainly need quite an amount of time. >> reporter: chancellor, he spoke a lot about trust how big is your trust in all of this actually being passed in the parliament in athens on wednesday? >> well, the situation greece

say tense one and i than there is a certain interest in making progress. so can he moment i do not have any reason to doubt the schedule schedule. the laws we have mentioned are also quite well prepared from what i heard. so looking at the trust that is being rebuilt, i would assume that this will work out. >> translator: trans lori think i heard you to say that this e.u. finance bridge will not be needed but done by the finance minister, but secondly the signature of the greek government is not really clear in this agreement. so how wassed mood? were the nerves exposess or rather matter of fact?

>> translator: i will have to say for all of those hours it was rather matter of fact frankly. the finance ministers will look at this, we have gone rather deep at this time and looked at the detail especially because of the political difficulties. we were grateful for the work that the finance ministers had dunks of course we had to look at the details but that was very good and the really great detail i think is simply too compliment comply indicate today the heads of state it dez kneads to be done by the finance ministers. >> translator: another short question. the bridge financing. of course it's not only the 3 1/2 billion for the e.c.b.

probably more money is going to be necessary. >> translator: why would we need more money? why would need more money? >> translator: for the banks didn't you need more mon beforehand? >> translator: well, no. you have to ask the finance ministers and luckily they will have another euro group meeting so i am sure you will have the opportunity to ask the question. okay regarding this trust fund, until when should this actually be created? we have only said so far that it should be created and we have not actually put any deadlines down for create this is fund. are you will get the papers, it's a rather interesting

structure. i can only tell you 50 billion are supposed to be created in the course of time. and the new approximated e.s.m. dead shut be paid. this is really a long-term measure. and this contains, of course, the banks which are now nationalized at the moment, they have to be recapitalized and these costs at one points will also be paid back by this, but they will also be direct investments as i said. chancellor, if you look at what has been decided upon last night night, what sense and purpose did this referendum then make a week ago and if you are looking at the result of the referendum, do you actually think that it's not just parliament, but also

the people in greece that will agree to this? i think what has become clear in all of these processes and which also guides the prime minister alexis tsipras. is that a great wish of the greek people to remain within the eurozone. i believe that all of these processes have actually helped to define this very clearly and make it apparent. they have also led to a broad majority in the greek parliament which did not exist in this way in the past years when we were talking about reforms. there is another point i would like to add, in addition to the

fund where we will help with prove tie sayingprivatization, the capabilities of the government are also going to be supported by modernizing the greek administration and strengthening, capacity building is part of the plan. and and to make sure thabo lahr ionization of the system should be reuses. we'll have two more questions. chancellor two questions firstly, regarding the bun bun does

tag you said they will be invited once the agreement parliament has has actually passed these laws, does that mean that you will only invite them on wednesday at the earliest and meet next week? and secondly the french finance minister warned against. [ inaudible ] for greece, now this is rather a tough result for greece, do you think that this is something that we can equate to the very the very sigh contract? >> icontract?? i do not make those comparisons because i wasn't involved in that. which is very much alain today the program that we have with all the other countries. and many others talked about this. the finance is rather big

unfortunately due to the events in the last weeks the banks have suffered. more and therefore it's very much aligned with all the procedures that we have had in the past. cyprus had a similar situation. and as the head of government, i cannot prioritize the bun dez tag, we will inform the bun dez tag rather quickly. on a pretty level and talk with the president of the bundestag and see how we will have this extraordinary meeting. there are good reasons not to ask the parliamentarians to come back from their holiday season now until we actually know that the greek parliament has passed everything that is re prerequisite.

i would like to add to the question that has been asked before, you know, the greek signature like my colleague said; there anything that the greeks have contribute here? >> yes, of course. firstly looking at the rather high need for finance secondly the compromise to use the 50 billion not only for repaying the debts but 12.5 billion for investment on top of what jean claude already mentioned at 35 billion. as an investment package, so this is on top of it. and then, of course it is also shown in the promise of november 2012, regarding the

further extension of the grace period. the early wanted it rather late -- wanted this to happen rather late but this will happen more quickly now so there are certainly points where we have certainly made concessions to the greek demands. last question now. >> summarize what's been happening, we have found -- just to summarize then what's happened. we have found an agreement mr. juncker said, we have just been listening to the german chancellor angle merkel speaking

and she did say that she had strong convictions about this agreement. that there was a lot to do yet. jackie rowland -- no, actually let's just listen to mr. tsipras speak. >> translator: to claim the best possible agreement which will give us the possibility for greek greece to stamp on its feet again so that the greek people can carry on with their baydaily battles we have to face some very difficult decisions in very difficult dilemmas. and we took very hard decisions so that we could avoid the implementation of the most extreme measures in europe. the bailout is difficult however we manage to avert the transfer of public assets overseas.

we manage to avert the plan of financial suffocation and the destruction of the banking system. in all its detail over the recent times which have been planned. and had begun to be implemented. and finally we manage to in this very hard battle to gain the restructuring of debt. and a certain funding in the short-term. we knew that it wouldn't be easy. we have, however left a good groundwork behind us. for the necessary changes in all of europe. this is our legacy. grease will continue to battle as we will indeed.

so that we can return to development to gain once again our national sovereignty which we have lost. we gained the popular is off at this but the message of democracy and dignity that we have sent all across europe this is our most important legacy. finally, i would like to thank all of my colleagues, ministers and colleagues who really battled up until the final end. this has been a battle that we will find justice in. the decision today keeps greece in financial stability conditions.

it gives the possibility to emerge from recession. however, we knew from the start that this would be an agreement whose immaterial police men station would be very difficult. the measures that it includes are measures that we pass through parliament. these are recessionary measures which they ask us to pass, however i hope that both the developmental package of 35 billion, and the restructuring of the debt over the next three years will make the market now feel that grexit is now an i were you of the pass and this feeling that the markets may have may create the wave of investment which will balance out the recessionary

measures. i must say that the majority of greek people will support the effort to return to development because we are justified in the battle that we took to the very end over here, over these very hard measures, and, on the other hand greek people understand that any burden is guaranteed by our presence and the burden will be distributed in a socially just way. not -- we will not put the burden on the shoulder of those no who have been burdened with it all these years this, time the burden will go onto the shoulders of those who all the other years in the past have managed to avoid the burden

because they were able and given the possibility to do so by past administrations. finally i would like to invite everyone because we battled so card everywhere and in europe now we must battle to finish the status quo inside greece, greece needs reform to the advantage of social powers. and against the al gashing i which led grues to this point andgreece to this pointsand these are the effort that i will make when i get back home, thank you. that was mr. tsipras from greece speaking there. the best possible agreement is how he described it. stressing that he managed to avert national assets being transferred overseas and also to gain a restructuring of the debts and a certain funding as well in the short-term. let's cross straight to brussels

and speak to our correspondent jacky rowland who is there. jake your impression of your feelings there in brussels for the moment. >> reporter: well, i think angela merkel made it quite clear that it had been a very long and difficult and very painful process. clearly everyone had their red lines. the germans had their red lines we were just hearing from alexis tsipras as well. it was really the arguing over those final keys issues which is what dragged it on for the last remaining hours. but we are now getting more clarity about who gave concessions on what. didn't get up on that red line, there is that possibility of debt restructuring maybe by

extending the maturity terms of the loaned but there will be no question of writing off forgiving any of the money that's owed. obviously alexis tsipras as well had to present it in the mound posethe mostpositive life. many suggested it's been a thoroughly humiliating and unedifying experience. pan swayfrancois hollande warning they should not be imposing the versailles treaty on the greeks the reference to the treaty at the end of the first world war which many people think were responsible for humiliating the germans and laying the groundwork for the second world war, some very, very strong historical comparisons being made here, but the important concessions, the important gestures that the greeks did secure, was the fact that this fund, in which to the assets to be privatized will be transferred will be in athens.

one of the proposals floated during the night those this fund would be held in luxembourg, clearly for the greeks this was unacceptable. this was a question of national sovereign did so that the funds will be based in agent ends, we heard from angle merkel that there would be european supervision of the funds, we are talking 8,286,000,000,000 euros over the next three years in terms of the greek contribution to that, this funds the idea is that it would be made up of assets like the regional airport those assets would be put in to the trust fund with the idea that they could be used ultimately to be privatized and the funds raised would be used partly to

recapitalize the banks, we are looking at banks now that are running out of cash, we have seen those disknowledge immaterial edges of greeks curinggreeksqueuing as cashmans and banks. half goes to the regular payments the other half actually reinvest invested greece and this is a very importantish as well for the greek government, the idea that there will be some plus points. so clearly there has been give and take and gestures made to greece so it would be acceptable to alexis tsipras so it would be acceptable to the greek people after all who expressed a huge opposition to the idea of more saw stair at this, so a classic european compromise has been reached and we are still

looking at -- to hear some of the more details. bridge finance enable greece to make payments. a payment of about a 3 billion euros that has to be made to the ecb. how will that money be delivered so that there will be time. that will be decided during the meeting in a few weeks time the finance ministers coming back to the negotiating table. to give you a couple of more formal timetable details.

>> jackie rowland there in brussels very concise i have. lots of detail yet to come. thank you very much for that. so many people are speaking at the moment. francois hollande, mateo remember see of italy also speak, we'll be listening to them later but first of all. let's get the perspective from greece. and john is in athens, john,

mr. tsipras said it's the best possible agreement. best in brussels, perhaps good enough for greece, though? >> reporter: well, it is going to be difficult to get some of these points past the greek parliament and the greek people. i think the biggest problems will arise in some of the up front actions particularly the overall of the a.t.. above and beyond what the greek parliament just passed -- >> we are going to jump in quickly and listen to france's president francois hollande. >> and everything be studied and everything be said by the goff of the eurozone, by greece. by those who were the most reticent and requesting guarantees and it was necessary to keep the german relationship

between madam merkel and myself which is necessary in we wish to achieve a compromise. if there is not this solid solidity which, of course, can include differences, if there is not this cohesion to achieve an agreement and we spent a lot of time with madam merkel, with alexis tsipras and the our opinion authorities to achieve this result alexei tsipras the greek prime minister who had already had vote bead his parliament reforms so that he could express his expectations and he made a courageous choice at the time when other reforms were being requested from him. but at the same time he knew that it was the condition to

benefit from the financing of 90 billion our euros which will be grant today his country to finance these projects over the coming years and to deal with the maturity dates, 35 billion euros. and there will be the short-term financing which i talked about short-term and there was a long discussion with what were to be the counter parties and this funding for privatization, but which could not be a fund which would have been -- which would have required the greeks to sale assets today it's necessary to keep them so that they could have the best return and to insure growth and sustainability

of the greek debt. that was what was done and throughout this night and in the early hours of this morning. what is going to happen now. the greek parliament will meet in the next few hours to adopt new reforms the parliament, national parliaments will immediate with regards to the national assembly, it will be on wednesday. so that there had be a vote on the declaration which was the result of the euro summit and then it will be a period of negotiation for the program. what was started today was negotiations which will allow greece to access a new program. a new program of support for assistance so for the next few

days or weeks there will be these negotiations and during these negotiations, it is necessary to insure funding. what is at stake to allow greece to apply reforms definitely. to insure that greece is able to be more competitive and to have more growth and it is also to have more growth, because without growth, the debt will never be sustainable and finally finally, it was important to give to greece the solidarity of support when it takes up its responsibilities, ladies and gentlemen, a time which we feared that the eurozone could be -- find itself separated from one country greece, this question was at stake it's been the question for many months, many