If you haven’t seen it – this is the best summary of the Euro deal

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The Guardian has produced this summary of the Euro deal, and it's good. It misses detail - but then so does the main document, but it also summarises the core of the deal, well, so without apology I think it needs to be shared:


1 Support for austerity measures

2 A new bailout with IMF help

3 Extend maximum EFSF loans from seven and a half years to 15 at lower interest rates (currently around 3.5%)

4 A comprehensive strategy for Greek economic growth under a European "Marshall plan"

5 "Haircuts" all round — the private financial sector to offer facilities such as bond exchange, rollovers and buybacks "on conditions comparable to public support" but on a voluntary basis

6 No private sector losses on any non-Greek bonds

7 All other euro countries pledge not to default

Stabilisation tools

8 Rewrite the terms of the EFSF so that it can take pre-emptive action to stop crises developing; recapitalise banks where necessary; intervene in secondary bond markets if required

Fiscal consolidation and growth in the euro area

9 Ireland and Portugal to get same lower EFSF interest rates as Greece

10 All euro area deficits to be brought below 3% by 2013 at the latest

11 Efforts to direct EU funds in order to stimulate growth and employment in Greece, Portugal and Ireland

Economic governance

12 Rush through legislation to toughen up scrutiny of individual countries' tax and spending programmes

13 Legally binding agreements to stick to national budgets

14 Reduce reliance on non-European credit rating agencies

15 Improve crisis management in the euro area