July 13, 2015 / 8:01 AM / 4 years ago

Greek PM says secured debt restructuring to avoid "Grexit"

(L-R) Greece's Prime Minister Alexis Tsipras listens to France's President Francois Hollande next to Belgium's Prime Minister Charles Michel during an euro zone leaders summit in Brussels, Belgium, July 12, 2015. REUTERS/Francois Lenoir

BRUSSELS (Reuters) - Greece has secured debt restructuring and medium-term financing in a growth package worth 35 billion euros in a deal with its creditors that will allow the country to stay in the euro, Prime Minister Alexis Tsipras said in Brussels on Monday.

He said the deal could bring new investment to help the country pull itself out of recession and avoid the collapse of its banking system.

“The deal is difficult but we averted the pursuit to move state assets abroad. We averted the plan for a financial strangulation and for the collapse of the banking system,” Tsipras told reporters after all night talks.

“In this tough battle, we managed to win a debt restructuring,” he said.

Euro zone leaders clinched a deal with Greece on Monday to negotiate a third bailout to keep the near-bankrupt country in the euro zone after a whole night of haggling at an emergency summit.

Reporting by Renee Maltezou; writing by Matthias Williams

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