EU Parliament President Hails Euro Summit Deal on Greek Debt

The European Parliament welcomed the decision of the Euro Summit on Greece and expressed hope that European nations would secure the decisions, EP president Martin Schulz said Monday.

MOSCOW (Sputnik) – On Monday, leaders of the Eurozone reached an agreement on a new bailout package to support Greece in exchange for economic reforms in the country.

"#EuroSummit deal is important step for Greece & EU. Now national parliaments must take up their responsibility to secure progress made," Schulz said on his official Twitter account.

Heads of state & govts have unanimously agreed on #Greece deal. Now they must go on with the same commitment throughout the whole process

— EP President (@EP_President) 13 июля 2015

The aid program amounts to 86 billion euros ($95 billion) over three years. German Chancellor Angela Merkel, speaking about the size of the bailout package, added that Greek banks needed 25 billion euros ($27.7 billion) for recapitalization, and international creditors will not write off the debt.

Greece owes about $270 billion to its major international lenders, including the International Monetary Fund (IMF), the European Central Bank and some eurozone nations.

Athens defaulted on a $1.7 billion June IMF debt payment on June 30.