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Daily Press Summary Greece reaches a deal with the Troika but must step up reforms to gain rest of bailout cash The EU/IMF/ECB Troika reached a deal with the Greek government this morning to allow for the release of the next €8.1bn tranche of bailout funds, although this may be disbursed in separate instalments. In its statement the Troika said that Greece’s macroeconomic “outlook remains uncertain”. To secure the deal Greece had to provide assurances that it will meet the year end targets for civil servant layoffs, push ahead with reform of the tax system and make further spending cuts, particularly on healthcare. The Troika accepted that the privatisation programme was likely to raise up to €1bn less than targeted this year, according to Kathimerini. Eurozone finance ministers will discuss the agreement at today’s meeting in Brussels. Commission press release Kathimerini Kathimerini 2 Kathimerini 3 Kathimerini 4 CityAM ReutersReuters 2 Handelsblatt FAZ Süddeutsche Irish Times Telegraph BBC Sunday Telegraph Theresa May to announce UK will opt out of EU crime and justice laws The Sunday Telegraph reported that Home Secretary Theresa May will this week give MPs details of proposals to opt out of 133 EU measures covering justice, home affairs and the police by next spring. Some of the measures will then be opted back into, but the UK is expected to stay out of “more than two thirds.” The Observer reported that May is also expected to announce the Government will not opt in to a reformed Europol, which will gain new powers. Open Europe research: EU crime opt-out Open Europe research 2 Sunday Telegraph Observer Mail on Sunday Express Portugal averts political crisis with concessions to junior coalition party It was confirmed yesterday that Paulo Portas, head of the junior coalition member the People’s Party, will be appointed Deputy Prime Minister and will be directly responsible for negotiations with the EU/IMF/ECB Troika. Portas is likely to push for an easing of the terms of the country’s bailout.Diario de Noticias reports that the eurozone is preparing a “soft bailout” for Portugal, without the IMF, using its ‘precautionary credit line’ which comes with less stringent conditions to help ease the transition from its current bailout. Writing in the Sunday Telegraph, Open Europe’s Raoul Ruparel argues, “Despite being three years into the eurozone crisis and five since the financial crisis hit, we are still talking about the same problems cropping up again and again in Europe…there is a reinforcing cycle of economic malaise and political fragility in many of these countries.” FT WSJ IHT Diario de Noticias El Pais Sunday Telegraph: Ruparel WSJ 2 Welt IHT 2 Writing on Dutch news website De Dagelijkse Standaard, Open Europe's Pieter Cleppe provides a country-by-country overview of how the eurozone crisis is affecting its 17 member states. De Dagelijkse Standaard: Cleppe James Wharton MP’s private member’s bill enshrining David Cameron’s pledge of a referendum on Britain’s EU membership into law was approved at second reading on Friday with 304 votes in favour and none against, although the overwhelming majority of Labour and Liberal Democrat MPs did not vote. Open Europe blog FT Weekend Saturday's Guardian Saturday's Times Saturday's IndependentSaturday's Telegraph Saturday's Telegraph: Leader Saturday's Sun Saturday's Mail Saturday's ExpressEUobserver Negotiations between the EU and US on establishing a free-trade area between them are due to get underway later today in Washington. The talks will focus on eliminating remaining import duties and cutting red tape. The FT reports that in the negotiations, American banks have sided with the EU in pushing for mutual recognition of different regulatory standards in financial services against the US Treasury which is resisting any regulatory discussion. FT FT 2 Telegraph Euractiv BBC Reuters FAZ Süddeutsche DWN French Finance Minister Pierre Moscovici has called for the establishment of a eurozone finance minister to be in charge of the economic affairs of the 17-member bloc. Moscovici also reiterated the idea of a central eurozone commission or committee within the European Parliament “that can legislate on common interests in the eurozone.” RFI Spiegel Online reports that although the ECB said its decision last week to hold interest rates was unanimous, there was much disagreement behind the scenes. ECB President Mario Draghi and ECB Chief Economist Peter Praet reportedly favoured an interest rate cut but were outnumbered on the ECB’s Governing Council. Spiegel FAZ Die Welt reports that according to figures from the German Federal Statistical Office, German exports fell by 2.4% in May, largely due to weak external demand in the eurozone. This marks the largest fall in German exports since December 2009. Welt Reuters Deutschland Reuters Britons could be forced to subsidise renewable energy schemes in other countries to help to meet the Government’s EU renewable energy targets, the Times reports. By awarding subsidies funded by levies on consumer bills to foreign renewable projects, the electricity generated would count towards meeting Britain’s legally binding green target. Times Sweden and the UK have blocked an EU delegation from discussing intelligence matters when it meets its US counterparts today to discuss implementation of the Terrorist Finance Tracking Programme and the Passenger Name Record scheme. European Voice Euractiv Die Welt reports that the European Parliament is seeking to extend the proposed EU-wide quota on business boards – to be composed of at least 40% women by 2020 — to small and medium sized enterprises, a move which would affect some 21 million additional firms. Welt The FT reports that the EU cap on bank bonuses will put bank-owned asset management groups at a significant disadvantage to independent managers. MEPs last week voted against imposing a similar bonus cap on fund managers running mainstream UCITS funds. FT City AM reports that a study by the Association of Financial Markets in Europe has found that businesses across the continent will see transaction costs rise by between 300% and 700% as a result of the introduction of the EU financial transaction tax. CityAM The Mail on Sunday cited a report by the EU’s policing agency Europol which found that “the Italian mafia is investing more and more in renewable energy, especially in wind farms, to profit from generous European grants paid for by member states which allow them to mix dirty money with legitimate economic activities”. Mail on Sunday Following the deportation of Abu Qatada, Home Secretary Theresa May said that the UK needed to take “a fundamental look” at its relationship with the Strasbourg based European Court of Human Rights. Writing in the Sun, Prime Minister David Cameron said that he would do “whatever is necessary” to prevent such a situation from happening again. Sun Guardian Telegraph De Telegraaf reports that the government of Luxembourg could collapse this week after the social democrats endorsed a report blaming their coalition partner - Prime Minister Jean-Claude Juncker’s Christian Democrats - for having been too lax in tolerating the practices of the secret service. Telegraaf