The eurozone’s 17 finance ministers have reached an ‘historic pact’ to improve monetary union budgetary discipline, Dutch finance minister Jan Kees de Jager said after a meeting on Monday evening.

The deal, which includes a permanent emergency fund, will now be put to EU leaders at next week’s summit for final approval, De Jager said.
The deal is possibly the ‘toughest budgetary pact in the world’, De Jager is quoted as saying by news agency ANP.
Member states will have to ensure their national debt does not exceed 60% of GDP while budget deficits must remain below 3%. ‘Tough budgetary rules are essential,’ the minister told Nos radio.
At the same meeting, ministers told Greece to continue negotiations with the banks about writing off Greek debt. The current proposal ‘is not good enough’ and will not lead to a sustainable Greek debt. ‘The banks must make greater sacrifices,’ De Jager said.
The eurozone wants Greek private sector debt deal in days.