Greek Prime Minister Alexis Tsipras is fighting a tough battle to make his alliance partners accept the third bailout offered by Eurozone leaders
As a part of the bailout conditions, Greece is expected to pass four legislations in its parliament by the end of wednesday which includes:
- VAT reforms
- Raising tax revenue and
- Liberalising the labour market.
If the deal fails, Greece’s banks will face collapse and the country could then be forced to leave the euro. Finance ministers from all 28 European Union countries are set to meet on Tuesday to discuss the situation.
Defence Minister Panos Kammenos not ready to support the deal.
Mr Tsipras is struggling to sell this deal to his own voters.
Greeks express widespread anger.
Proposed bailout deal:
An EU statement offers up to €86bn (£61bn) of financing for Greece over three years. There is no provision for the reduction in Greek debt. Parliaments in several eurozone states also have to approve any new bailout.
And looking forward…
- 15 July: Deadline for Greek parliament to pass reforms demanded by creditors.
- 16-17 July: Possible votes in eurozone member state parliaments on bailout.
- 20 July: Greece due to make €3.5bn payment to ECB.