Eurozone leaders have reached an €86bn deal on a Greek bailout after all-night talks in Brussels. The timetable is for the Greek parliament to pass a slew of legislation by Wednesday, the deal will then be put to some eurozone parliaments – notably Germany’s Bundestag – and then negotiations will begin with creditor institutions over the exact size of the bailout .
Late on Thursday night Greek prime minister Alexis Tsipras submitted a new plan for his country’s economic overhaul to bailout monitors. The clock is now ticking. Will it be accepted, or, come Sunday, will Greece topple into bankruptcy?
With the clock ticking towards Sunday and an emergency summit of all 28 EU members, Greece has only days to reach an agreement with its creditors or face bankruptcy.
All eyes on Wednesday were on Alexis Tsipras as he addressed the European Parliament and submitted a fresh bail-out application, even as European Commission president Jean-Claude Juncker said preparations were in place for humanitarian aid for Greece in the event of “Grexit”.
Angela Merkel, German chancellor, had insisted that Athens come up with a full range of reforms that could cover a multi-year rescue programme.
After the overwhelming No vote, the focus today is back on Greece’s negotiations with Brussels, culminating in Alexis Tsipras’s government being given a final chance by eurozone leaders to present new reform proposals this evening.
The meetings will also mark the introduction of new Greek finance minister Euclid Tsakalotos, an Oxford-educated Marxist, who replaced Yanis Varoufakis after he was asked to step down in a conciliatory move by Mr Tsipras.
Elsewhere, eyes will be focused on Greek banks, which remain closed for the next two days. The ECB may also have to ask eurozone leaders to guarantee Greek government debt for use as collateral to maintain its liquidity lifeline.
After delivering a decisive No vote in Sunday’s referendum, in which voters backed Athens’ call to reject a compromise with international creditors, Greece is facing the prospect of even greater turmoil as it tries to tries to prevent the collapse of a financial system that is rapidly running out of cash.
Prime minister Alexis Tsipiras has said he is ready to resume talks immediately, while politicians and officials in the rest of the eurozone are holding a series of meetings to decide what to do next.
Key developments so far:
● Greek PM Tsipras will present fresh bailout proposals at the EU summit on Tuesday
● Greek finance minister Yanis Varoufakis quits and is replaced by Euclid Tsakalotos, previously the coordinator of negotiations with Greece’s lenders
● Markets remain relatively unruffled after No vote
● ECB governing council increases the haircut on the collateral posted by Greek banks in exchange for emergency liquidity
After another day of negotiations the Greek government has failed to reach an agreement with its bailout monitors – the International Monetary Fund, the European Commission and the European Central Bank – on Athens’ reform plans.
Eurozone finance ministers are going to meet again on Saturday to try and broker a deal before the Greeks’ June 30 deadline to repay €1.5bn to the IMF.
Benjamin Netanyahu is making his third appearance before a joint meeting of the US Congress on Tuesday morning in Washington.
In what is set to be a very controversial speech, he is expected to highlight what the Israeli leader insists are the risks of a nuclear deal with Iran
By Mark Odell and Sam Jones, Defence and Security Editor, and Siona Jenkins, Middle East and Africa news editor
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The British government has so far resisted calls from some politicians and former officers to join the US in launching air strikes against insurgents from the Islamic State of Iraq and the Levant (known as Isis). But the type of aircraft it has sent to the region – the Tornado GR4 – leaves the option open. Read more
Part of the wreckage of MH17 that broke up over eastern Ukraine
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Not surprisingly, there has been a marked increase in chatter on social media in the last few days about fear of flying. But short of not getting on an aircraft, is there anything nervous flyers should know or do before getting onboard? Read more
Attempts on Monday by Russia to shift the blame for the shooting down of Flight MH17 over eastern Ukraine away from the separatist rebels have had a few western analysts scratching their heads.
The Russian military gave journalists a high-level and highly detailed briefing of its take on the situation in the area where the Malaysian airliner was shot down. The presentation came just as the first apparent hard evidence was emerging from the crash site that the jet was hit by a large surface-to-air missile, similar to an SA-11 launched by the Buk-M1 system. Read more
For those expats bemoaning the cost of a burger in Geneva or rent in Tokyo, it could be worse. They could be living in Luanda.
The tight supply of international standard housing in Luanda has put the Angolan capital top of the list of the most expensive cities in the world, according to a survey by consultants Mercer of the costs of living abroad. It held the same position last year as the oil boom continues to suck in expats. Read more