Updated: Full statement (PDF)
Papandreou is now speaking. Here’s the live video feed.
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(Earlier):
The Barroso/Van Rumpuy presser just ended. Merkel is now taking questions; in German (which this blogger does not speak, unfortunately) — but according to a European blogger, she said the official bondholders are participating in the 50 per cent haircut to the tune of €30bn.
A statement is not expected for “some time” — an unusual delay, according to our colleagues in Brussels.
Most of the details are here from DJ/WSJ:
BRUSSELS—European leaders secured a deal to reduce Greece’s debt after laboring deep into Thursday morning to find agreement on what they had billed as a blockbuster package aimed at stemming the Continent’s debt crisis.
French President Nicolas Sarkozy said after the marathon negotiating session that the leaders had reached agreement with private banks on a “voluntary” 50% reduction of Greece’s debt in the hands of private investors.
He also said they had agreed to expand the firepower of the European Financial Stability Facility, the euro zone’s bailout vehicle, four- or five-fold—suggesting it could provide guarantees for €800 billion to €1.3 trillion of bonds issued by countries like Spain and Italy.
The leaders agreed on a plan that would boost the capital buffers of the stragglers among the Continent’s 70 biggest banks by €106 billion ($147 billion)—though they didn’t say where the money would come from.
For more, there are live blogs at WSJ’s The Source and on Clusterstock, and you can follow the FT’s Brussels team on Twitter.