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| Greek crisis: Tsipras faces uphill battle to implement bailout deal - live updates | Greek crisis: Tsipras faces uphill battle to implement bailout deal - live updates |
| (35 minutes later) | |
| 1.04pm BST13:04 | |
| Tsipras odds on to step down as PM this year | |
| Alexis Tsipras is more likely than not to quit as Greek PM this year, reckons UK bookmakers Ladbrokes. | |
| They are offering evens that Tsipras celebrates New Year’s Eve in Maximos Mansion but only 8/11 that he has stepped down. | |
| Greek PM Tsipras seen out of office by year-end, says @Ladbrokes. Offers odds of 8/11, meaning a 58% probability he won't last the year. | |
| The odds on Grexit this year have also widened, to 6/1 (bet €1, get €7 back) | |
| If you believe Greece will still be in the euro come 2016, tou have to speculate €12 to win €1 profit. | |
| 12.55pm BST12:55 | |
| This is a “toxic deal” that will have political consequences in Greece, warned Wolf Piccoli of Teneo Intelligence: | |
| In the short-term, Tsipras can stagger on, relying on the opposition to win the vote on Wednesday (15 July) and any other immediate vote (22 July) required by the lenders. The Greek PM might even reshuffle his cabinet in an effort to diminish the political weight of the most staunch opponents to the deal. But his authority and grip on the party is set to decline, making it harder for him to contain an almost inevitable rebellion within SYRIZA. | |
| In fact, the government’s parliamentary majority is likely to end as soon as Wednesday after the vote on the measures requested by the lenders. At that point, Tsipras will be forced to either reconfigure the current governing arrangement by striking a deal with the mainstream opposition parties or call an early election. | |
| 12.45pm BST12:45 | |
| UK: Implementing Greek deal will be challenging | |
| A spokeswoman for British prime minister David Cameron has warned that there is more work to do to end the Greek crisis: | |
| She told reporters this morning that: | |
| “Clearly the challenge now will be on delivering on that [deal] and the implementation which lies ahead ... and I don’t think we underestimate the size of that challenge. | |
| We are glad an agreement has been reached but there is still more to do.” | |
| 12.42pm BST12:42 | |
| Newsflash from Berlin: The German parliament is likely to vote on the Greek bailout plan on Friday (assuming it gets through the Athens parliament on Wednesday) | |
| #BREAKING German parliament vote on Greek bailout expected Friday: speaker | |
| Updated at 12.42pm BST | |
| 12.39pm BST12:39 | |
| In Thessaloniki, people look to the future | |
| Patrick Kingsley | |
| Withdrawing his daily allowance of 50 euros from a cashpoint next to the Bank of Greece in Thessaloniki, Spiros Mousionis smiled with relief at the deal. | |
| “We feel much better now,” said the 66-year-old cotton trader, already looking forward to a day when he could take out more money from the bank. | |
| “I couldn’t have imagined a Greece outside the European Union and outside the Euro.” | |
| The coming austerity would be tough, Mousionis said, but the only option. | |
| “I expect it, and I will deal with it. Maybe it’s better for us to have some discipline and order in our society.” | |
| A few kilometres away, standing outside his kidswear factory, Konstantinos Chantizaridis said the specifics of the new deal, if passed by parliament, would hit his business hard. They will mean that the owner of any business, however big or small, will have to pay corporation tax a year in advance. | |
| “We already paid 55% tax in advance [details], and now we have to pay 28% more on non-existent income,” Chantizaridis sighed. | |
| “But we have to pay it to support the national economy.” | |
| Even after five years of austerity, more financial pain was still the only option, he argued. “With this deal, we will keep our European passport and open up the banks – I can’t see any other advantages,” said Chantizaridis, who also doubles as the secretary-general of the Thessaloniki chamber of commerce. | |
| “But at least with this environment, we know more or less what it means. If we’d gone back to the drachma, it would be very different to going back to the drachma we had in 2000. Now the country is not producing anything, and is mostly reliant on service industries like tourism. Leaving the euro would have been very hard.” | |
| 12.35pm BST12:35 | |
| If you’re looking to get up to speed on the Greek story, check out Jennifer Rankin’s latest news story from Brussels: | |
| Related: Greece and eurozone reach agreement in bailout talks | |
| 12.33pm BST12:33 | 12.33pm BST12:33 |
| Over in Greece, the backlash has begun... with a lot of anger being directed at Germany over the extra austerity that will now be heaped on the country. | Over in Greece, the backlash has begun... with a lot of anger being directed at Germany over the extra austerity that will now be heaped on the country. |
| Reuters has a good take: | Reuters has a good take: |
| “Listen, it is some sort of victory but it is a pyrrhic victory because the measures are very strict,” Marianna, 73, told Reuters on an Athens street. | “Listen, it is some sort of victory but it is a pyrrhic victory because the measures are very strict,” Marianna, 73, told Reuters on an Athens street. |
| “People have suffered the past five years and there is more to come now. This is what makes things difficult for us. We wanted to stay in Europe, it goes without saying that we did. But what about the terms?” | “People have suffered the past five years and there is more to come now. This is what makes things difficult for us. We wanted to stay in Europe, it goes without saying that we did. But what about the terms?” |
| Their economy pummelled by years of recession, their banks shut and dozens of businesses closing daily, some Greeks vented their anger on German Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble. | Their economy pummelled by years of recession, their banks shut and dozens of businesses closing daily, some Greeks vented their anger on German Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble. |
| Newspapers laced the morning’s headlines with references to World War Two and railed against what they see as Berlin’s attempts to humiliate Greece as punishment for its resistance to another round of cuts. | Newspapers laced the morning’s headlines with references to World War Two and railed against what they see as Berlin’s attempts to humiliate Greece as punishment for its resistance to another round of cuts. |
| 12.20pm BST12:20 | 12.20pm BST12:20 |
| Introduction: Deal reached overnight, but more drama ahead | Introduction: Deal reached overnight, but more drama ahead |
| Good morning, and welcome to our rolling coverage after Greece’s government and its eurozone creditors reached an agreement to pave the way to a third Greek bailout. | Good morning, and welcome to our rolling coverage after Greece’s government and its eurozone creditors reached an agreement to pave the way to a third Greek bailout. |
| Here’s the situation: | Here’s the situation: |
| Greek PM Alexis Tsipras has conceded to a further swathe of austerity measures and economic reforms after more than 16 hours of negotiations in Brussels that began on Sunday afternoon and ran through the night. | Greek PM Alexis Tsipras has conceded to a further swathe of austerity measures and economic reforms after more than 16 hours of negotiations in Brussels that began on Sunday afternoon and ran through the night. |
| He has agreed to immediately pass laws to further reform the tax and pension system, liberalise the labour market, and open up closed professions. Sunday trading laws will be relaxed, and even milk producers and bakers will be deregulated. | He has agreed to immediately pass laws to further reform the tax and pension system, liberalise the labour market, and open up closed professions. Sunday trading laws will be relaxed, and even milk producers and bakers will be deregulated. |
| The FT has dubbed it: | The FT has dubbed it: |
| The most intrusive economic supervision programme ever mounted in the EU. | The most intrusive economic supervision programme ever mounted in the EU. |
| Greece was forced to accept these measures after Germany piled intense pressure, as a price for a new deal. EU officials told us that Tsipras was subjected to “mental waterboarding” in closed-door meetings with Angela Merkel, Donald Tusk and Francois Hollande. | Greece was forced to accept these measures after Germany piled intense pressure, as a price for a new deal. EU officials told us that Tsipras was subjected to “mental waterboarding” in closed-door meetings with Angela Merkel, Donald Tusk and Francois Hollande. |
| The plan must now be approved by the Athens parliament by Wednesday, and then voted through various national parliaments. If agreement is reached, talks can then begin towards a a new three-year bailout worth up to €86bn (£61bn), accompanied by further monitoring by Greece’s creditors. | The plan must now be approved by the Athens parliament by Wednesday, and then voted through various national parliaments. If agreement is reached, talks can then begin towards a a new three-year bailout worth up to €86bn (£61bn), accompanied by further monitoring by Greece’s creditors. |
| The deal comes after Greece’s five-month battle with its creditors, which has gripped the eurozone, dominated the political agenda and alarmed the markets. | |
| Emerging from the summit, Tsipras admitted it had been tough - but insisted he had won concessions on debt relief (sometime in the future) as well as the medium-term funding plan. | Emerging from the summit, Tsipras admitted it had been tough - but insisted he had won concessions on debt relief (sometime in the future) as well as the medium-term funding plan. |
| He also managed to persuade the eurozone that a new investment fund, that will manage and sell off €50bn Greek assets, would be based in Athens not Luxembourg. | He also managed to persuade the eurozone that a new investment fund, that will manage and sell off €50bn Greek assets, would be based in Athens not Luxembourg. |
| But generally, Tsipras appears to have finally capitulated in the face of threats that Greece would be ejected from the eurozone. | But generally, Tsipras appears to have finally capitulated in the face of threats that Greece would be ejected from the eurozone. |
| For the full story details, check out out earlier liveblog of the events in Brussels on Sunday, and Monday morning. | For the full story details, check out out earlier liveblog of the events in Brussels on Sunday, and Monday morning. |
| Related: Greek debt crisis: deal reached after marathon all-night summit - live | Related: Greek debt crisis: deal reached after marathon all-night summit - live |
| Attention now turns to Athens, where Tsipras will arrive home to swirling speculation of cabinet reshuffles, unity governments and even fresh elections. | Attention now turns to Athens, where Tsipras will arrive home to swirling speculation of cabinet reshuffles, unity governments and even fresh elections. |
| Meanwhile eurozone finance ministers will be meeting in Brussels, for the third day running, to discuss urgently needed bridge financing. | Meanwhile eurozone finance ministers will be meeting in Brussels, for the third day running, to discuss urgently needed bridge financing. |
| We’ll be tracking all the reaction through the day.... | We’ll be tracking all the reaction through the day.... |
| Updated at 12.55pm BST |