Tag

Greece narrowly escaped an exit from the 19-member eurozone in July following months of uncertainty after the government and its worldwide creditors struck a bailout “aGreekment” in a reform-for-aid deal for the debt-stricken country.

Gerovasili refused to give details on a potential early election, but said any action would come after August 20, when Greece has to make a large debt repayment to the European Central Bank. The terms also create problems for Prime Minister Alexis Tsipras, who faces waning...

Germany has so far maintained a cautious stance.

“I am resigning because I have now exhausted the mandate which the public gave me in January’s general election”, Tsipras said during his televised address on Thursday night.

Tsipras submitted his resignation after facing the largest rebellion yet within his own Syriza party when a third of his legislators voted against or abstained from voting on austerity bailout measures required to reach a deal with European creditors.

The bill on the rescue deal passed just in time for Greek Finance Minister Euclid Tsakalotos to head to Brussels to meet his counterparts from the 19-country currency union in the hope of getting their seal of approval as well.

According to a statement released by the European Commission (EC) immediately after the meeting, the new billion-dollar loans will be made available over the next three years to Greece by the ESM.

“If we don’t find a solution, we will have to do bridge financing”, he said, referring to a short-term loan so Greece can make its next debt payment on August 20.

The approval comes after six hours of talks to nail down the tough and far-reaching reforms Athens must implement in return. Unable to borrow on the worldwide markets, another bailout is all that stands between Greece and a disorderly default on its debts – as soon as next...

“Of course there were differences, but we have managed to solve the last issues”, Eurogroup Chairman Jeroen Dijsselbloem told reporters in Brussels.

Greece’s partners in the euro currency are debating whether to give that country billions of dollars in new loans, now that the Greek parliament has passed a package of painful reforms and spending cuts.

The plan still needs approval from eurozone parliaments. But it is risky for Greek PM Alexis Tsipras.

The final vote was 454-113, with 18 politicians choosing to abstain, following concern that Chancellor Angela Merkel could face dissent from conservatives in her ruling bloc.

The banks are being kept afloat by emergency cash from Europe’s central bank, but urgently need a longer term solution.

If the bailout is not approved by the Eurogroup, it could decide to grant Greece 6.04 billion euros in bridge financing, according to German newspaper Bild, citing a European Commission proposal for the meeting.