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Greek crisis: Tsipras faces fight over bailout, and misses another IMF bill - as it happened Greek crisis: Tsipras faces fight over bailout, and misses another IMF bill - as it happened
(30 days later)
11.52pm BST11.52pm BST
23:5223:52
PS: Another statement from the International Monetary Fund just arrived:PS: Another statement from the International Monetary Fund just arrived:
“Following on the Managing Director’s participation in the discussions on Greece held in Brussels over the weekend, she briefed the IMF’s Executive Board on the outcome as reflected in the Eurozone Leaders’ statement published earlier today.“Following on the Managing Director’s participation in the discussions on Greece held in Brussels over the weekend, she briefed the IMF’s Executive Board on the outcome as reflected in the Eurozone Leaders’ statement published earlier today.
The IMF stands ready to work with the Greek authorities and the European partners to help move this important effort forward.”The IMF stands ready to work with the Greek authorities and the European partners to help move this important effort forward.”
11.48pm BST11.48pm BST
23:4823:48
And finally, here’s our news story on the political fight ahead:And finally, here’s our news story on the political fight ahead:
Alexis Tsipras was on course on Monday night to sway radical-leftist Syriza MPs to accept the most draconian rescue of a sovereign nation since the second world war after the Greek prime minister accepted a third bailout programme that one analyst said came after a weekend of “gunboat diplomacy”.Alexis Tsipras was on course on Monday night to sway radical-leftist Syriza MPs to accept the most draconian rescue of a sovereign nation since the second world war after the Greek prime minister accepted a third bailout programme that one analyst said came after a weekend of “gunboat diplomacy”.
Tsipras, locked in fraught negotiations with EU leaders in Brussels until Monday morning, indicated that he would carry the Athens parliament, despite some defections, in a vote on the package by Wednesday.Tsipras, locked in fraught negotiations with EU leaders in Brussels until Monday morning, indicated that he would carry the Athens parliament, despite some defections, in a vote on the package by Wednesday.
Determined to keep his party together ahead of an expected onslaught by MPs opposing the outlined deal, Tsipras summoned his closest allies to a meeting in Athens before a gathering of his parliamentary party on Tuesday.Determined to keep his party together ahead of an expected onslaught by MPs opposing the outlined deal, Tsipras summoned his closest allies to a meeting in Athens before a gathering of his parliamentary party on Tuesday.
Likening the deal to the 1919 Versailles treaty – widely seen as the harbinger of the second world war for its crushing of Weimar Germany – the former Greek finance minister Yanis Varoufakis called it both “catastrophic” and “untenable”.Likening the deal to the 1919 Versailles treaty – widely seen as the harbinger of the second world war for its crushing of Weimar Germany – the former Greek finance minister Yanis Varoufakis called it both “catastrophic” and “untenable”.
“This has nothing to do with economics. It has nothing to do with putting Greeceback on the rails towards recovery,” he told Australia’s public broadcaster, the ABC.“This has nothing to do with economics. It has nothing to do with putting Greeceback on the rails towards recovery,” he told Australia’s public broadcaster, the ABC.
“This is a new Versailles treaty that is haunting Europe again, and the prime minister [Alexis Tsipras] knows it. He knows he’s damned if he does and he’s damned if he doesn’t.”....“This is a new Versailles treaty that is haunting Europe again, and the prime minister [Alexis Tsipras] knows it. He knows he’s damned if he does and he’s damned if he doesn’t.”....
Here’s the full story:Here’s the full story:
Related: Alexis Tsipras aims to steer eurozone bailout plan through Greek parliamentRelated: Alexis Tsipras aims to steer eurozone bailout plan through Greek parliament
And here’s a thought to ponder:And here’s a thought to ponder:
GO figure: Merkel needs punitive deal to get approval in Bundestag for a deal which makes no economic sense and won't be met #GreeceCrisisGO figure: Merkel needs punitive deal to get approval in Bundestag for a deal which makes no economic sense and won't be met #GreeceCrisis
And that’s a good time to stop. Back tomorrow, for more coverage of the Greek crisis. Goodnight! GWAnd that’s a good time to stop. Back tomorrow, for more coverage of the Greek crisis. Goodnight! GW
11.24pm BST11.24pm BST
23:2423:24
Greece misses another IMF repaymentGreece misses another IMF repayment
Some late breaking news. Greece has missed another payment to the International Monetary Fund today, worth around €450m.Some late breaking news. Greece has missed another payment to the International Monetary Fund today, worth around €450m.
That’s on top of the €1.6bn payment missed on 30 June, putting the Greek government deeper into arrears. Not a great way to mark today’s bailout deal -- but a reminder of Greece’s financial plight.That’s on top of the €1.6bn payment missed on 30 June, putting the Greek government deeper into arrears. Not a great way to mark today’s bailout deal -- but a reminder of Greece’s financial plight.
Spokesman Gerry Rice says:Spokesman Gerry Rice says:
“The SDR 360 million principal repayment (about €456 million) due by Greece to the IMF today was not received. We have informed our Executive Board of this development. Greece’s arrears to the IMF total SDR 1.6 billion (about €2.0bn) to date.“The SDR 360 million principal repayment (about €456 million) due by Greece to the IMF today was not received. We have informed our Executive Board of this development. Greece’s arrears to the IMF total SDR 1.6 billion (about €2.0bn) to date.
“The request by the Greek authorities for an extension of the repayment obligation due on June 30th is expected to be discussed by the Executive Board in the coming weeks.”“The request by the Greek authorities for an extension of the repayment obligation due on June 30th is expected to be discussed by the Executive Board in the coming weeks.”
(SDR=special drawing reserves)(SDR=special drawing reserves)
surprise, Greece missed its IMF payment todaysurprise, Greece missed its IMF payment today
UpdatedUpdated
at 11.26pm BSTat 11.26pm BST
11.18pm BST11.18pm BST
23:1823:18
The FT focuses on the political challenge facing Alexis Tsipras, with some Syriza considering mutiny.The FT focuses on the political challenge facing Alexis Tsipras, with some Syriza considering mutiny.
FINANCIAL TIMES: Tsipras faces rebellion in Athens #tomorrowspaperstoday pic.twitter.com/jbg8obynQ7FINANCIAL TIMES: Tsipras faces rebellion in Athens #tomorrowspaperstoday pic.twitter.com/jbg8obynQ7
11.17pm BST11.17pm BST
23:1723:17
The Telegraph reckons the UK’s bill for the third Greek bailout could be £1bn, if George Osborne can’t thwart it:The Telegraph reckons the UK’s bill for the third Greek bailout could be £1bn, if George Osborne can’t thwart it:
TELEGRAPH PAGE ONE: Britain faces £1bn bill for Greek bailout, by @mattholehouse #tomorrowspaperstoday pic.twitter.com/0KgQAeWNeXTELEGRAPH PAGE ONE: Britain faces £1bn bill for Greek bailout, by @mattholehouse #tomorrowspaperstoday pic.twitter.com/0KgQAeWNeX
11.13pm BST11.13pm BST
23:1323:13
Here come tomorrow’s newspapers....Here come tomorrow’s newspapers....
And The Times reports that Britain could pay £850m into the Greek bailout (although, as we wrote earlier, the UK is fighting this)And The Times reports that Britain could pay £850m into the Greek bailout (although, as we wrote earlier, the UK is fighting this)
Tomorrow’s front page: Cameron vows to close the pay gap for women #tomorrowspaperstoday pic.twitter.com/ZnvTTf5VZ2Tomorrow’s front page: Cameron vows to close the pay gap for women #tomorrowspaperstoday pic.twitter.com/ZnvTTf5VZ2
10.57pm BST10.57pm BST
22:5722:57
A couple more photos from tonight’s anti-austerity demonstration in Athens - apart from the flag-burning, it looks fairly subdued.A couple more photos from tonight’s anti-austerity demonstration in Athens - apart from the flag-burning, it looks fairly subdued.
10.40pm BST10.40pm BST
22:4022:40
We’ve asked eight experts to give their view of the bailout deal, including former Belgium PM Guy Verhofstadt, Irish economist Dan O’Brien, and Greek journalist Nick Malkoutzis.We’ve asked eight experts to give their view of the bailout deal, including former Belgium PM Guy Verhofstadt, Irish economist Dan O’Brien, and Greek journalist Nick Malkoutzis.
Related: Greece’s rescue package: utter humiliation or disaster averted? | The panelRelated: Greece’s rescue package: utter humiliation or disaster averted? | The panel
10.19pm BST10.19pm BST
22:1922:19
Another opinion poll from Germany, showing that the “mental waterboarding” and “crucifying” of Alexis Tsipras wasn’t received too badly back home.Another opinion poll from Germany, showing that the “mental waterboarding” and “crucifying” of Alexis Tsipras wasn’t received too badly back home.
In case u were wondering. #Germany poll: 64% satisfied w Schäuble's negotiations w #Greece, 62% w Merkel. pic.twitter.com/iYVBjaZpj1 ~@SMuresanIn case u were wondering. #Germany poll: 64% satisfied w Schäuble's negotiations w #Greece, 62% w Merkel. pic.twitter.com/iYVBjaZpj1 ~@SMuresan
10.07pm BST10.07pm BST
22:0722:07
Writing in the Guardian tonight, Paul Mason puts his finger one one of the causes behind Europe’s debt crisis:Writing in the Guardian tonight, Paul Mason puts his finger one one of the causes behind Europe’s debt crisis:
It is the eurozone’s inability to contain the democratic wishes of 19 electorates. When the Finnish government threatened to collapse the talks, it was only expressing the wishes of the 38% of voters who backed the nationalist rightwingers of Finns Party. Likewise, when Schäuble sprang his temporary Grexit plan, he was expressing the demand of 52% of German voters, who want Greece to leave.It is the eurozone’s inability to contain the democratic wishes of 19 electorates. When the Finnish government threatened to collapse the talks, it was only expressing the wishes of the 38% of voters who backed the nationalist rightwingers of Finns Party. Likewise, when Schäuble sprang his temporary Grexit plan, he was expressing the demand of 52% of German voters, who want Greece to leave.
As for the Greeks, having tramped the streets of Athens alongside them for the best part of two months, I am certain that the “Oxi” movement was essentially a demand to stay in the Euro on different terms. You cannot get 70-80% of people in the working-class suburbs of Athens turning out – in the face of a rightwing media bombardment – on far-left anti-Euro sentiment alone.As for the Greeks, having tramped the streets of Athens alongside them for the best part of two months, I am certain that the “Oxi” movement was essentially a demand to stay in the Euro on different terms. You cannot get 70-80% of people in the working-class suburbs of Athens turning out – in the face of a rightwing media bombardment – on far-left anti-Euro sentiment alone.
My @guardian column about Greece, democracy etc http://t.co/fqLdUjeE1WMy @guardian column about Greece, democracy etc http://t.co/fqLdUjeE1W
9.53pm BST9.53pm BST
21:5321:53
Another German opinion poll, showing that Berlin’s hardline performance in Brussels has played well back home:Another German opinion poll, showing that Berlin’s hardline performance in Brussels has played well back home:
87% of Germans: conditions for Greece adequate or too soft, only 13% say too tough. 2/3 happy w. Schaeuble negotiations - ARD survey today!87% of Germans: conditions for Greece adequate or too soft, only 13% say too tough. 2/3 happy w. Schaeuble negotiations - ARD survey today!
9.52pm BST9.52pm BST
21:5221:52
Slovakia’s finance minister, Peter Kažimír, had second thoughts today about a tweet comparing Syriza’s election victory to the Arab Spring uprising (it’s been deleted)Slovakia’s finance minister, Peter Kažimír, had second thoughts today about a tweet comparing Syriza’s election victory to the Arab Spring uprising (it’s been deleted)
Slovakia's Fin Min admits terms imposed on #Greece are about crushing a democratic uprising. Honest. #ThisIsACoup pic.twitter.com/IdbcGIdnpRSlovakia's Fin Min admits terms imposed on #Greece are about crushing a democratic uprising. Honest. #ThisIsACoup pic.twitter.com/IdbcGIdnpR
9.20pm BST9.20pm BST
21:2021:20
Rupert NeateRupert Neate
The New York stock market just closed at a two-week high, as US traders welcomed the overnight breakthrough in Brussels.The New York stock market just closed at a two-week high, as US traders welcomed the overnight breakthrough in Brussels.
Despite the hurdles to come, the Dow Jones index jumped 217 points or 1.2% to 17,977.Despite the hurdles to come, the Dow Jones index jumped 217 points or 1.2% to 17,977.
Craig Erlam, a senior market analyst at currency trading firm OANDA, said:Craig Erlam, a senior market analyst at currency trading firm OANDA, said:
Markets have responded very positively to the news, which comes following months of uncertainty and increasing fears that Greece could suffer a messy exit from the euro zone.”Markets have responded very positively to the news, which comes following months of uncertainty and increasing fears that Greece could suffer a messy exit from the euro zone.”
UpdatedUpdated
at 9.20pm BSTat 9.20pm BST
8.58pm BST8.58pm BST
20:5820:58
A small majority of Germans are happy with the terms of the deal hammered out with Greece, even though most don’t trust Athens to enforce it.A small majority of Germans are happy with the terms of the deal hammered out with Greece, even though most don’t trust Athens to enforce it.
That’s according to a poll for news magazine Spiegel Online, which also found that a third of Germans still expect Grexit eventually.That’s according to a poll for news magazine Spiegel Online, which also found that a third of Germans still expect Grexit eventually.
52% of the Germans think the deal with Greece is ok althought 78% of them doesnt trust the greek government https://t.co/hxPfqNCEcq52% of the Germans think the deal with Greece is ok althought 78% of them doesnt trust the greek government https://t.co/hxPfqNCEcq
What #Germany thinks about the #Greece deal: 52% for new loans vs 44% against; 57% say reform measures ok (22% want more; 13% less). (1/2)What #Germany thinks about the #Greece deal: 52% for new loans vs 44% against; 57% say reform measures ok (22% want more; 13% less). (1/2)
But 78% think Greek government won’t implement reforms; 62% vs 32% for #Greece to remain in #Eurozone. http://t.co/8QoteZbpCf (2/2)But 78% think Greek government won’t implement reforms; 62% vs 32% for #Greece to remain in #Eurozone. http://t.co/8QoteZbpCf (2/2)
UpdatedUpdated
at 9.15pm BSTat 9.15pm BST
8.46pm BST8.46pm BST
20:4620:46
Wednesday is going to be a dramatic day.Wednesday is going to be a dramatic day.
One of Greece’s main unions have called a 24-hour strike, in protest against the economic reforms which the Athens parliament will vote through that day.One of Greece’s main unions have called a 24-hour strike, in protest against the economic reforms which the Athens parliament will vote through that day.
Their union, Adedy, called the stoppage tonight, saying it was against the agreement with the eurozone. They are also planning a demonstration outside parliament.Their union, Adedy, called the stoppage tonight, saying it was against the agreement with the eurozone. They are also planning a demonstration outside parliament.
I *think* this is the first 24-hour strike called by unions since January’s election. Another milestone for Alexis Tsipras’s premiership.I *think* this is the first 24-hour strike called by unions since January’s election. Another milestone for Alexis Tsipras’s premiership.
UpdatedUpdated
at 8.49pm BSTat 8.49pm BST
8.40pm BST8.40pm BST
20:4020:40
News of the last-ditch Brussels breakthrough has been welcomed in America, where the government had been making increasingly anxious noises in recent weeks.News of the last-ditch Brussels breakthrough has been welcomed in America, where the government had been making increasingly anxious noises in recent weeks.
White House spokesman Josh Earnest called the deal a “credible step” that would include difficult structural reforms by Greece, Reuters says.White House spokesman Josh Earnest called the deal a “credible step” that would include difficult structural reforms by Greece, Reuters says.
8.38pm BST8.38pm BST
20:3820:38
Deutsche Bank analysts reckon Greece’s capital controls won’t be lifted until autumn.Deutsche Bank analysts reckon Greece’s capital controls won’t be lifted until autumn.
They told clients tonight that the European Central Bank is unlikely to cut Greece much slack until the third bailout is agreed.They told clients tonight that the European Central Bank is unlikely to cut Greece much slack until the third bailout is agreed.
We suspect the ECB will stall an ELA decision until Greece begins to legislate the new deal later this week.We suspect the ECB will stall an ELA decision until Greece begins to legislate the new deal later this week.
Greece would still face a tight ELA cap, however. We expect the ELA cap will remain carefully calibrated and controlled at least until the new ESM loan is fully in place. Access to banks could be fully normalised only in the fall.Greece would still face a tight ELA cap, however. We expect the ELA cap will remain carefully calibrated and controlled at least until the new ESM loan is fully in place. Access to banks could be fully normalised only in the fall.
8.34pm BST8.34pm BST
20:3420:34
Many Greeks may feel better about the new bailout deal once their banks reopen and capital controls are lifted.Many Greeks may feel better about the new bailout deal once their banks reopen and capital controls are lifted.
That feels some way away tonight. But economy minister George Stathakis has pledged that savers’ deposits are safe (those that haven’t been removed and stuffed under the mattress already)That feels some way away tonight. But economy minister George Stathakis has pledged that savers’ deposits are safe (those that haven’t been removed and stuffed under the mattress already)
The bailout include €25bn to recapitalise the stricken banking sector, through the highly contentious €50bn asset sale plan.The bailout include €25bn to recapitalise the stricken banking sector, through the highly contentious €50bn asset sale plan.
Stathakis told ERT that:Stathakis told ERT that:
“The recapitalisation is so secure that it fully safeguards deposits”“The recapitalisation is so secure that it fully safeguards deposits”
8.27pm BST
20:27
A group of leftist protesters gathered outside the Athens parliament tonight, to urge MPs to reject the bailout plan.
Judging by the photos we’ve seen, it was a fairly small demo:
One lady enlivened proceedings (and attracted a lot of photographers) by burning a Syriza flag.
8.13pm BST
20:13
UK 'won't help with bridging loan'
Phillip Inman
My colleague Phillip Inman reports on another potential stumbling block that has emerged following this morning’s deal and in particular the plans to come up with a bridging loan to avert the collapse of Greece’s banking system and help cover its debt repayments this summer.
All the EU’s 28 nations are expected to be asked to contribute towards a £10bn-£12bn bridging loan. However, UK chancellor George Osborne immediately rejected the idea, according to Treasury officials who said that Brussels was told the £1bn of UK funds in the European Financial Stabilisation Mechanism should not be used for eurozone bailouts, in accordance with a 2010 agreement.
7.37pm BST
19:37
Rating agencies comment on Greek outlook
In the wake of this morning’s potential deal to keep Greece in the eurozone and allow it to tap a third bailout, the credit ratings agencies have been commenting on the country’s economic prospects and the outlook for its credit score.
Standard & Poor’s has told Reuters news agency that it could upgrade Greece’s credit rating “pretty quickly” if a plan for a third bailout seems solid.
Moody’s, however, says that Greece’s rock-bottom credit rating was unlikely to be raised any time soon.
Fitch meanwhile comments that today’s agreement may ease the Greece’s “extreme liquidity pressure and raises the possibility of a third bail-out programme, but substantial near-term and long-term challenges to the sovereign’s creditworthiness remain”.
Greek Deal May Help Sovereign Liquidity; Big Risks Remain #FitchWire https://t.co/rbOeEbFu9D
7.14pm BST
19:14
Jennifer Rankin
As European leaders digest the tough new deal set out for Greece, our reporter Jennifer Rankin sums up the day after the longest of nights in Brussels and looks at what comes next:
European leaders lined up to say Grexit has been averted, but this snappy soundbite glides over the fact the eurozone has simply agreed to open negotiations on an €86bn (£62bn) bailout. Although this is a step to shoring-up confidence in the euro, it is only a promise to have more talks with no guarantee of success.
Talks on the bailout plan are forecast to last around four weeks. “We know time is critical for Greece, but there are no shortcuts,” said Klaus Regling, the official in charge of the the European Stability Mechanism, the eurozone’s permanent bailout fund that Greece hopes to tap.
But these formal talks can only begin, if eurozone leaders avoid several political and financial tripwires. The Greek government has until the end of Wednesday to ensure that sweeping reforms to its pension system and VAT rates are written into law. If Greek lawmakers meet this eurozone-imposed deadline, the baton will pass to the creditors. At least five countries, including Germany, the Netherlands and Finland, will have to put the idea of opening negotiations on a bailout to a parliamentary vote.
Politics could be overtaken by financial deadlines. Athens faces demands to repay €7bn of debts in July, including €3.5bn due to the European Central Bank on Monday (20 July).
Eurozone officials are working round the clock to come up with emergency funds that will help Greece bridge the gap before a permanent bailout kicks in. “It’s not going to be easy,” said Jeroen Dijsselbloem, the hawkish Dutch politician, who was re-elected chair of the eurozone group of finance ministers on Monday. Several options were being discussed on bridge finance, but no one had found “the golden key to solve the problem”, he said, although he hopes to see progress by Wednesday.
And here again, is Jennifer’s very handy guide to key events ahead:
Related: Greek bailout: what happens next
Updated
at 7.45pm BST
7.06pm BST
19:06
Tsipras heads for showdown in Athens after marathon Brussels summit
If you are just joining us, here is a brief summary of the latest events in the Greek debt crisis.
Our main story tonight:
After a fraught weekend with his eurozone counterparts in Brussels, Alexis Tsipras is now heading for a showdown with his own party and opposition MPs after accepting a third bailout programme that will bring further austerity to the debt-stricken country.
Tsipras convened a meeting of government officials in Athens to thrash out a way to convince his radical-leftist Syriza party and its coalition partner to vote through the package by Wednesday.
Determined to keep his party together ahead of an expected onslaught by MPs opposing the outline deal, Tsipras summoned his finance minister, Euclid Tsakalotos, and Nikos Filis, representative of the Syriza parliamentary group, to the Athens meeting, before a gathering of his parliamentary party on Tuesday.
Efforts to win the vote in the national parliament came after Tsipras and Greece’s creditors agreed on the basis for talks on a bailout that will keep the country in the eurozone.
The full story from Phillip Inman in London and Jennifer Rankin in Brussels:
Related: Tsipras faces clash with Syriza radicals opposed to eurozone bailout for Greece
6.36pm BST
18:36
Former Labour MP Denis MacShane says he is hearing from political contacts in Athens that Greek PM Alexis Tsipras has the votes he needs to get a deal through now he is home from those exhausting talks in Brussels.
Greek pol friends in Athens say Tsipras has votes for deal. They are shocked at some interview Varoufakis has given N S'man @graemewearden
He is referring to a wide-ranging interview former Greek finance minister Yanis Varoufakis has given to the New Statesman here. (Note the interview with the New Statesman’s Harry Lambert is the first since Varoufakis stepped down as finance minister and was conducted last week, before this latest deal was drawn up over the weekend.)
Varoufakis tells Lambert about five months of stalled debt crisis talks, that the Eurogroup is “completely and utterly” controlled by Germany and that in his view “we were set up”.
.@yanisvaroufakis tells @NewStatesman—democracy was ignored, we were shut out, French silenced http://t.co/xz5NkaB8mn pic.twitter.com/6KF0THCDkB
The New Statesman also provides the full interview text here.
And from the man himself:
An account of the past five months of negotiations. http://t.co/Rrh83elEwA
6.11pm BST
18:11
Our economics editor Larry Elliott has been going through the details of this morning’s deal and concludes it will deepen the country’s recession, make its debt position less sustainable and that it “virtually guarantees that its problems come bubbling back to the surface before too long.”
He continues:
One line in the seven-page euro summit statement sums up the thinking behind this act of folly, the one that talks about “quasi-automatic spending cuts in case of deviations from ambitious primary surplus targets”.
Translated into everyday English, what this means is that leaving to one side the interest payments on its debt, Greece will have to raise more in revenues than the government spends each and every year. If the performance of the economy is not strong enough to meet these targets, the “quasi-automatic” spending cuts will kick in. If Greece is in a hole, the rest of the euro zone will hand it a spade and tell it to keep digging.
This approach to the public finances went out of fashion during the 1930s but is now back. Most modern governments operate what are known as “automatic stabilisers”, under which they run bigger deficits (or smaller surpluses) in bad times because it is accepted that raising taxes or cutting spending during a recession reduces demand and so makes the recession worse.
Here’s Larry’s full analysis:
Related: With Europe behind it, Greece is being pushed into further peril
6.03pm BST
18:03
That’s it from the eurogroup press conference in Brussels. Newly re-elected head of the group, Dutch finance minister Jeroen Dijsselbloem, came back to bridging finance at the close of the briefing.
@J_Dijsselbloem on bridge financing: "it's not going to be easy." #Greece running out of time for 20 July ECB debt payment.
Note that this morning’s deal stipulated talks would begin immediately on bridging finance to avert the collapse of Greece’s banking system and help cover its debt repayments this summer. Greece must repay more than €7bn to the European Central Bank (ECB) in July and August, before any bailout cash can be handed over.
5.49pm BST
17:49
While his colleagues are briefing the press on their Eurogroup meeting, Slovakia’s finance minister Peter Kažimír has turned to Twitter to get something off his chest:
It 's unfortunate how much money, trust and achievements was wasted over past few months #Greece #eurozone
Updated
at 7.46pm BST
5.46pm BST
17:46
We already know from the statement this morning out of the leaders’ marathon summit that Greece is being prevailed upon to request continued International Monetary Fund support from March 2016. A loss for Tsipras, who had reportedly resisted further IMF involvement in Greece’s rescue.
From Brussels we now have more details from Klaus Regling, head of the European Stability Mechanism, on the IMF’s role in a new bailout.
IMF expected to chip into #Greece's €86bn bailout, says Klaus Regling of ESM once its arrears are cleared.