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What do we know about Greece’s new bailout deal with creditors

After a marathon 17 hour session of negotiations, Greece has finally reached a deal with its creditors; here’s what we know so far:

* The deal will unlock €82-86bn of funds for Greece - that's enough to keep it going for another three years

* There will be no Grexit - European Commission president Jean-Claude Juncker made that much clear

* Greece will have to transfer €50bn of assets to a new fund, although it'll be based in Athens, rather than Luxembourg, as originally mooted by the creditors - one of the sticking points of last night's talks. The proceeds of that fund will be used to recapitalise Greece's banks.

* The International Monetary Fund (IMF) will continue to be involved. The IMF's continued involvement was also disputed, but at a press conference this morning German Chancellor Angela Merkel said the IMF's bailout programme will "extend beyond 2016".

* This still isn't guaranteed. Greek Prime Minister Alexis Tsipras still needs to pass the proposals in parliament. That's going to be tough - but according to Merkel, he thinks he can do it today.

* Greece will now need to discuss bridge financing. Because it may take some time to get through the bureaucracy necessary to unlock the new funds, Greece needs to arrange €7bn of financing to pay the European Central Bank (ECB) money it owes in July and August.

The Euro, however, has actually dropped since the announcement of this deal; down around 100 pips from 1.1165 to 1.1068 in the last hour

 

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