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Greece debt crisis: Tsipras faces eurozone deal battle Greece debt crisis: Tsipras faces eurozone deal battle
(about 2 hours later)
Greek Prime Minister Alexis Tsipras is facing a tough battle to win support from coalition partners for the third bailout offered by eurozone leaders.Greek Prime Minister Alexis Tsipras is facing a tough battle to win support from coalition partners for the third bailout offered by eurozone leaders.
Four pieces of legislation must be passed by the end of Wednesday including pension and VAT reforms.Four pieces of legislation must be passed by the end of Wednesday including pension and VAT reforms.
But Defence Minister Panos Kammenos, a junior coalition partner, has already said he will not support the measures.But Defence Minister Panos Kammenos, a junior coalition partner, has already said he will not support the measures.
If the deal fails, Greece's banks face collapse and the country could then be forced to leave the euro.If the deal fails, Greece's banks face collapse and the country could then be forced to leave the euro.
The bailout is conditional on Greece passing all the agreed reforms - including raising tax revenue and liberalising the labour market - in parliament by Wednesday.The bailout is conditional on Greece passing all the agreed reforms - including raising tax revenue and liberalising the labour market - in parliament by Wednesday.
Finance ministers from all 28 EU countries are holding a scheduled meeting in Brussels on Tuesday morning, where they will discuss the situation in Greece. Finance ministers from all 28 EU countries are holding a scheduled meeting in Brussels on Tuesday morning, where they will discuss Greece's continuing debt crisis.
The International Monetary Fund (IMF) announced early on Tuesday that Greece had gone further into arrears by missing a debt repayment for the second consecutive month. It had been due to pay €456m (£323m; $500m) on Monday and now owed €2bn, the Washington-based fund said.
Latest updatesLatest updates
Bailout deal at a glanceBailout deal at a glance
Following about 17 hours of summit talks in Brussels an EU statement on Monday spoke of up to €86bn (£61bn) of financing for Greece over three years. Eurozone leaders agreed a conditional deal on Monday to provide up to €86bn (£61bn) of financing for Greece over three years.
Although it included an offer to reschedule Greek debt repayments "if necessary", there was no provision for the reduction in Greek debt - or so-called "haircut" - that the Greek government had sought. It included an offer to reschedule Greek debt repayments "if necessary", but there was no provision for the reduction in Greek debt - or so-called "haircut" - that the Greek government had sought.
Parliaments in several eurozone states also have to approve any new bailout.Parliaments in several eurozone states also have to approve any new bailout.
Cabinet reshuffle expected But Greece is still faced with a short-term cash crisis. Banks have been shut since 29 June.
As Mr Tsipras returned to Greece on Monday, anti-austerity demonstrations took place and civil servants called for a 24-hour strike on Wednesday.
Many Greeks and others believing unduly harsh terms are being imposed have expressed their widespread anger online using the hashtag #ThisIsACoup.
Defence Minister Panos Kammenos, whose Independent Greeks party underpins Mr Tspiras's coalition government, likened the situation to a "coup".
He said he would not support the agreement - although he wants to remain in government.
The BBC's Mark Lowen in Athens understands the prime minister is expected to reshuffle his cabinet and possibly form a new unity government later this week.
Mr Tsipras came to power after his left-wing Syriza party won elections in January on a promise to end austerity. Greece has already received two bailouts totalling €240bn since 2010.
Greek banks have been closed for two weeks, with withdrawals at cash machines limited to €60 per day, and will remain closed until after Wednesday.
Analysis: Mark Lowen, BBC News, AthensAnalysis: Mark Lowen, BBC News, Athens
With the deal done, Greece is now racing to meet its first deadline: to pass four pieces of legislation by the end of Wednesday.With the deal done, Greece is now racing to meet its first deadline: to pass four pieces of legislation by the end of Wednesday.
But the cracks are emerging in Alexis Tsipras's coalition. It doesn't bode well and the prime minister is expected to reshuffle his cabinet. But the cracks are emerging in Alexis Tsipras's coalition. It doesn't bode well and the prime minister is expected to reshuffle his cabinet.
Away from parliament, Mr Tsipras will also struggle to sell this deal to his own voters, with strike action already called. But only if he pushes on will the Greek banks get an urgent injection of cash and will the vital bailout funds start flowing once again.Away from parliament, Mr Tsipras will also struggle to sell this deal to his own voters, with strike action already called. But only if he pushes on will the Greek banks get an urgent injection of cash and will the vital bailout funds start flowing once again.
Selling off the silverSelling off the silver
Profile: German Finance Minister Wolfgang SchaeubleProfile: German Finance Minister Wolfgang Schaeuble
Greek anger at eurozone debt dealGreek anger at eurozone debt deal
Rifts between Europe's superpowersRifts between Europe's superpowers
Cabinet reshuffle expected
As Mr Tsipras returned to Greece on Monday, anti-austerity demonstrations took place and civil servants called for a 24-hour strike on Wednesday.
Many Greeks and others believing unduly harsh terms are being imposed have expressed their widespread anger online using the hashtag #ThisIsACoup.
Defence Minister Panos Kammenos, whose Independent Greeks party underpins Mr Tsipras's coalition government, likened the situation to a "coup".
He said he would not support the agreement - although he wants to remain in government.
Our correspondent understands the prime minister is expected to reshuffle his cabinet and possibly form a new unity government later this week.
Mr Tsipras came to power after his left-wing Syriza party won elections in January on a promise to end austerity. Greece has already received two bailouts totalling €240bn since 2010.
'No Grexit''No Grexit'
Before the latest deal offer there were fears Greece would be forced to leave the euro. As the government in Athens struggles to stay afloat, Germany's hardline Finance Minister Wolfgang Schaeuble has reportedly suggested Greece should start issuing IOUs to pay domestic bills such as public sector salaries.
On 30 June, Greece missed the deadline for a €1.5bn (£1.1bn) payment to the International Monetary Fund (IMF), becoming the first European Union country to do so. Mr Schaeuble had earlier backed Greece's exit from the euro, and his latest intervention would be seen by many as a first step towards a parallel currency, Handelsblatt daily reports.
It missed a second debt payment to the IMF on Monday. Jeroen Dijsselbloem, the head of the eurozone group of finance ministers, said the agreement included a €50bn Greece-based fund that would privatise or manage Greek assets. Out of that €50bn, €25bn would be used to recapitalise Greek banks, he said.
But following the talks, European Commission chief Jean-Claude Juncker, said: "There will not be a 'Grexit'."
Mr Tsipras said that after a "tough battle", Greece had secured debt restructuring and a "growth package".
He also said he had the "belief and the hope that... the possibility of 'Grexit' is in the past".
Jeroen Dijsselbloem, the head of the eurozone group of finance ministers, said the agreement included a €50bn Greece-based fund that will privatise or manage Greek assets. Out of that €50bn, €25bn would be used to recapitalise Greek banks, he said.
Eurozone finance ministers meeting in Brussels discussed providing "bridge financing" that would cover Greece's short-term needs.Eurozone finance ministers meeting in Brussels discussed providing "bridge financing" that would cover Greece's short-term needs.
But final decisions depend on Greece "rebuilding trust" by legislating the first set of measures. The government in Athens needs an estimated €7bn to pay its debts in July and a further €5bn in August, but is also waiting for the European Central Bank to provide emergency cash assistance so the banks can reopen.
Greek debt crisis timelineGreek debt crisis timeline
And looking forward...And looking forward...
Are you in Greece? What is your reaction to the latest developments? Email haveyoursay@bbc.co.uk with your story.Are you in Greece? What is your reaction to the latest developments? Email haveyoursay@bbc.co.uk with your story.
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