Belgium: Tsipras hails Eurogroup's acceptance of proposal to avert default

Greek Prime Minister Alexis Tsipras announced that the Eurogroup has accepted a proposal which will allow Greece to "leave this crisis behind us once and for all," in an address to press following an emergency summit in Brussels on Monday. Tsipras declared that the proposal, which was accepted as a basis for negotiations, will protect Greek citizens' "pensions and salaries." The prime minister continued saying that "negotiations will continue over the next 48 hours because we do not want a fragmentary and limited deal." The leaders of the 18 European member states and representatives of Greece's three lenders, the IMF, European Central Bank (ECB) and European Commission, agreed for the first time to Greece's proposed reform measures after a five month standoff over its debt repayments. The proposal is said to be a vast document, but the Greek government adjusted its suggestions to meet the three institutions' expectations. The leaders are currently reviewing the proposal before the Eurogroup will meet again on Wednesday to then submit the results to the European Council on Thursday.