The Telegraph Publishes a Draft of the Eurozone Proposal Document

published a leaked copy of the eurozone draft from the European summit on Thursday. In the proposal, the European Union outlined a plan to save Greece by investing in the country's economy. The proposal was also notable in that EU agreed to largely ignore the ratings of major rating agencies. From the document: "We welcome the measures undertaken by the Greek government to stabilize public finances and reform the economy as well as the new package of measures recently adopted by the Greek Parliament." "We agree to support a new programme for Greece and to provide an additional amount of up to [xx] ¤. This programme will be designed, notably through lower interest rates and extended maturities, to decisively improve the debt sustainability and refinancing profile of Greece." "We have decided to lengthen the maturity of the EFSF loans to Greece to the maximum extent possible from the current 7.5 years to a minimum of 15 years." "We call for a comprehensive strategy for growth and investment in Greece. Structural funds should be re-allocated for competitiveness and growth under a European 'Marshall Plan'." "Greece is in a uniquely grave situation in the Euro area. This is the reason why it requires an exceptional solution." "All other Euro countries solemnly reaffirm their inflexible determination to honour fully their own individual sovereign signature and all their commitments to sustainable fiscal conditions and structural reforms." "We agree that reliance on external credits ratings in the EU regulatory framework should be reduced, and look forward to the Commission proposals in this respect." Read more

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