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Greek crisis: MPs approve bailout measures, after clashes in Athens - as it happened
Greek crisis: MPs approve bailout measures, after clashes in Athens - as it happened
(18 days later)
3.47am BST03:47
3.47am BST
03:47
I’m going to stop the liveblog now, although we’ll be back if here are any major developments.
I’m going to stop the liveblog now, although we’ll be back if here are any major developments.
Here’s out latest news story:
Here’s out latest news story:
Related: Greek MPs pass austerity bill as Athens police clash with protesters
Related: Greek MPs pass austerity bill as Athens police clash with protesters
We’ll launch a new one in a few hours. Good night! GW
We’ll launch a new one in a few hours. Good night! GW
3.45am BST03:45
3.45am BST
03:45
Here's a list of the 39 #Syriza MPs who voted no (32)/abstained (6) or were absent (1) https://t.co/DCjkR8KFaN #Greece #English
Here's a list of the 39 #Syriza MPs who voted no (32)/abstained (6) or were absent (1) https://t.co/DCjkR8KFaN #Greece #English
3.44am BST03:44
3.44am BST
03:44
Another hint that Tsipras will shake up his government on Thursday:
Another hint that Tsipras will shake up his government on Thursday:
#Greece State TV reports that a cabinet reshuffle is just hours away.
#Greece State TV reports that a cabinet reshuffle is just hours away.
2.04am BST02:04
2.04am BST
02:04
A late newsflash - a government spokesman has said that the priority is to complete the bailout, rather than worry about internal divisions.
A late newsflash - a government spokesman has said that the priority is to complete the bailout, rather than worry about internal divisions.
2.03am BST02:03
2.03am BST
02:03
The scale of the rebellion tonight suggests that Greece could require a unity government soon.
The scale of the rebellion tonight suggests that Greece could require a unity government soon.
Writing before the vote,Mujtaba Rahman of Eurasia Group predicted Tsipras would lose his majority:
Writing before the vote,Mujtaba Rahman of Eurasia Group predicted Tsipras would lose his majority:
Although opposition parties have been signaling opposition to join such an administration, especially at the leadership level (no political leaders in Greece want to be responsible for implementing what is a very tough deal, even if they accept this was the only option to avoid GREXIT), this may prove to be the only way possible way forward if Greece is indeed to secure a third bailout.
Although opposition parties have been signaling opposition to join such an administration, especially at the leadership level (no political leaders in Greece want to be responsible for implementing what is a very tough deal, even if they accept this was the only option to avoid GREXIT), this may prove to be the only way possible way forward if Greece is indeed to secure a third bailout.
And while Tsipras has again reiterated the fact he does not want to head such an administration, our basecase for now, his premiership might be the only way to secure the support of Syriza MPs necessary to form it.
And while Tsipras has again reiterated the fact he does not want to head such an administration, our basecase for now, his premiership might be the only way to secure the support of Syriza MPs necessary to form it.
1.33am BST01:33
1.33am BST
01:33
News of the Greek vote helped to push shares higher in Asia.
News of the Greek vote helped to push shares higher in Asia.
The main indices are all up in early trading, on relief that a bailout had moved another step closer.
The main indices are all up in early trading, on relief that a bailout had moved another step closer.
1.29am BST01:29
1.29am BST
01:29
Although Syriza’s MPs were divided over whether to back the bailout package, they were united by something else - fatigue. There were some tired faces as members exited the chamber:
Although Syriza’s MPs were divided over whether to back the bailout package, they were united by something else - fatigue. There were some tired faces as members exited the chamber:
1.01am BST01:01
1.01am BST
01:01
After voting no, energy minister Panagiotis Lafazanis also indicated he would quit if Alexis Tsipras asked him to.
After voting no, energy minister Panagiotis Lafazanis also indicated he would quit if Alexis Tsipras asked him to.
He told reporters:
He told reporters:
“If at any point my resignation is sought it would be at the disposal of the (Prime Minister).”
“If at any point my resignation is sought it would be at the disposal of the (Prime Minister).”
“We are lawmakers of this government, we support it wholeheartedly. We support Syriza in government and we support the Prime Minister. We don’t support the bailout.”
“We are lawmakers of this government, we support it wholeheartedly. We support Syriza in government and we support the Prime Minister. We don’t support the bailout.”
That also suggests Tsipras’s government isn’t in immediate peril.
That also suggests Tsipras’s government isn’t in immediate peril.
12.44am BST00:44
12.44am BST
00:44
Energy minister Lafazanis insisted that he still supports Tsipras’s government, as he left the Athens parliament tonight.
Energy minister Lafazanis insisted that he still supports Tsipras’s government, as he left the Athens parliament tonight.
We don’t want snap elections, he added.
We don’t want snap elections, he added.
Dissenter Lafazanis insists government remains united. "We support the prime minister, not the bailout" #Greece pic.twitter.com/KFhLD1d3In
Dissenter Lafazanis insists government remains united. "We support the prime minister, not the bailout" #Greece pic.twitter.com/KFhLD1d3In
12.42am BST00:42
12.42am BST
00:42
In case you missed it, here’s Alexis Tsipras addressing the Greek Parliament before tonight’s vote.
In case you missed it, here’s Alexis Tsipras addressing the Greek Parliament before tonight’s vote.
12.36am BST00:36
12.36am BST
00:36
Reshuffle expected
Reshuffle expected
A government official is briefing that Alexis Tsipras will not resign, local media report.
A government official is briefing that Alexis Tsipras will not resign, local media report.
That suggests he believes he can shake up his government, and continue to govern - with support from opposition MPs where needed.
That suggests he believes he can shake up his government, and continue to govern - with support from opposition MPs where needed.
#Tsipras expected to reshuffle his cabinet & replace any rebels if they give up Parliament seats. Continues with opposition support #Greece
#Tsipras expected to reshuffle his cabinet & replace any rebels if they give up Parliament seats. Continues with opposition support #Greece
Previous Prime Ministers expelled MPs voting against party line. #Tsipras can't afford to do that now. Position weakened.Reshuffle tomorrow?
Previous Prime Ministers expelled MPs voting against party line. #Tsipras can't afford to do that now. Position weakened.Reshuffle tomorrow?
12.33am BST00:33
12.33am BST
00:33
Snap summary: Bailout plan passes, but Tsipras is bruised
Snap summary: Bailout plan passes, but Tsipras is bruised
Greece’s parliament has taken a crucial step towards a third bailout, by approving the economic measures required by its lenders.
Greece’s parliament has taken a crucial step towards a third bailout, by approving the economic measures required by its lenders.
With 229 MPs voting yes, and just 64 voting no, Athens has now given the green light to the plan -- even though the prime minister himself admitted many of the “harsh” measures would hurt the Greek economy.
With 229 MPs voting yes, and just 64 voting no, Athens has now given the green light to the plan -- even though the prime minister himself admitted many of the “harsh” measures would hurt the Greek economy.
This means that other European parliaments can now vote on the plan too. And it should encourage the eurozone to finalise a $7bn bridge loan later on Wednesday.
This means that other European parliaments can now vote on the plan too. And it should encourage the eurozone to finalise a $7bn bridge loan later on Wednesday.
Tsipras has also suffered a serious rebellion among his own ranks. Almost 40 MPs weren’t prepared to support measures which ran counter to their election pledges in January.
Tsipras has also suffered a serious rebellion among his own ranks. Almost 40 MPs weren’t prepared to support measures which ran counter to their election pledges in January.
Prominent No voters included energy minister Panagiotis Lafazanis, former finance minister Yanis Varoufakis (cue uproar) and Parliamentary speaker Zoe Konstantopoulou.
Prominent No voters included energy minister Panagiotis Lafazanis, former finance minister Yanis Varoufakis (cue uproar) and Parliamentary speaker Zoe Konstantopoulou.
It’s not immediately clear how Tsipras will handle this rebellion. It could have been worse, but it’s certainly a challenge to his authority given his government only holds 162 out of 300 seats.
It’s not immediately clear how Tsipras will handle this rebellion. It could have been worse, but it’s certainly a challenge to his authority given his government only holds 162 out of 300 seats.
So Tsipras has said he can't function with fewer than 121 MPs. Tonight he got the backing of 124. He's got some serious work ahead. #Greece
So Tsipras has said he can't function with fewer than 121 MPs. Tonight he got the backing of 124. He's got some serious work ahead. #Greece
#Tsipras keeps head above water as 124 gov't MPs supported bill, which is just above 121 minimum considered as maintaining mandate #Greece
#Tsipras keeps head above water as 124 gov't MPs supported bill, which is just above 121 minimum considered as maintaining mandate #Greece
Before the vote, Tsipras had urged MPs to fight Europe’s attempt to mastermind a coup in Greece, and force it out of the eurozone.
Before the vote, Tsipras had urged MPs to fight Europe’s attempt to mastermind a coup in Greece, and force it out of the eurozone.
And at the start of the debate, anti-austerity protests were disrupted after a small group of anarchist protesters threw petrol bombs. This prompted the riot police to fire tear gas, sending people scattering
And at the start of the debate, anti-austerity protests were disrupted after a small group of anarchist protesters threw petrol bombs. This prompted the riot police to fire tear gas, sending people scattering
12.15am BST00:15
12.15am BST
00:15
Scrap that , it’s actually 229 Ves Votes - the parliament did a recount..... (so I’ve tweaked that last post)
Scrap that , it’s actually 229 Ves Votes - the parliament did a recount..... (so I’ve tweaked that last post)
Updated at 12.18am BST
Updated
12.10am BST00:10
at 12.18am BST
12.10am BST
00:10
Final result: The Nais have it
Final result: The Nais have it
The Greek parliament has voted by a large majority to accept the tough package of tax rises, pension reforms, spending cuts and sweeping economic liberalisation which the eurozone demands before agreeing a third bailout.
The Greek parliament has voted by a large majority to accept the tough package of tax rises, pension reforms, spending cuts and sweeping economic liberalisation which the eurozone demands before agreeing a third bailout.
Despite the Syriza rebellion, 229 MPs voted ‘yes’ (or Nai), 64 voted ‘no’ (or Oxi), and 6 abstained.
Despite the Syriza rebellion, 229 MPs voted ‘yes’ (or Nai), 64 voted ‘no’ (or Oxi), and 6 abstained.
They've done a recount. Final count: 229 yes. 6 no. 6 present. 38 defectors from @tsipras_eu. 124 stick with him. pic.twitter.com/TqyAEZh0zx
They've done a recount. Final count: 229 yes. 6 no. 6 present. 38 defectors from @tsipras_eu. 124 stick with him. pic.twitter.com/TqyAEZh0zx
Updated at 12.17am BST
Updated
12.06am BST00:06
at 12.17am BST
12.06am BST
00:06
The voting is over, and it looks as if Alexis Tsipras has suffered a sizeable rebellion, with 32 or 33 (not immediately clear) voting no and 6 abstaining.
The voting is over, and it looks as if Alexis Tsipras has suffered a sizeable rebellion, with 32 or 33 (not immediately clear) voting no and 6 abstaining.
Updated at 12.24am BST
Updated
12.04am BST00:04
at 12.24am BST
12.04am BST
00:04
This is a larger rebellion than last Friday, when MPs voted on whether to send Tsipras to Brussels to negotiate a third aid package.
This is a larger rebellion than last Friday, when MPs voted on whether to send Tsipras to Brussels to negotiate a third aid package.
That’s because the PM came home with a much more painful programme than hoped, which effectively makes Greece a ward of the eurozone.
That’s because the PM came home with a much more painful programme than hoped, which effectively makes Greece a ward of the eurozone.
#Greece A lot of MPS who voted "yes" to difficult bailout plan at w/end now voting "no" to plan they see as much much harder
#Greece A lot of MPS who voted "yes" to difficult bailout plan at w/end now voting "no" to plan they see as much much harder
Another prominent Syriza MP, and energy minister, has voted to reject the deal - Panagiotis Lafazanis, the head of the Left Platform.
Another prominent Syriza MP, and energy minister, has voted to reject the deal - Panagiotis Lafazanis, the head of the Left Platform.
#Lafazanis voting 'no' #GrPlenary #nosurprises
#Lafazanis voting 'no' #GrPlenary #nosurprises
11.57pm BST23:57
11.57pm BST
23:57
The voting total is now:
The voting total is now:
Around half the No votes are Syriza defectors; there are also Golden Dawn MPs.
Around half the No votes are Syriza defectors; there are also Golden Dawn MPs.
11.55pm BST23:55
11.55pm BST
23:55
Bailout Deal Approved
Bailout Deal Approved
That’s it! 151 MPs have voted Yes, agreeing to pass the ‘prior actions’ demanded by creditors before a third bailout can be agreed.
That’s it! 151 MPs have voted Yes, agreeing to pass the ‘prior actions’ demanded by creditors before a third bailout can be agreed.
Bill passes #Greece pic.twitter.com/PEkCSa8d2W
Bill passes #Greece pic.twitter.com/PEkCSa8d2W
11.53pm BST23:53
11.53pm BST
23:53
We’re now YES: 138 , NO: 42
We’re now YES: 138 , NO: 42
11.52pm BST23:52
11.52pm BST
23:52
It’s all about the defections......
It’s all about the defections......
There's little question the measures will go through the greek parliament tonight. The question is only how big the government rebellion is
There's little question the measures will go through the greek parliament tonight. The question is only how big the government rebellion is
11.52pm BST23:52
11.52pm BST
23:52
#Greece 16 Syriza MPs have voted "No" 3 "present" - tension visible on front benches of parliament
#Greece 16 Syriza MPs have voted "No" 3 "present" - tension visible on front benches of parliament
11.51pm BST23:51
11.51pm BST
23:51
That’s 100 votes for Yes, while the No side are lagging with 32. There have been a couple of abstentions too.
That’s 100 votes for Yes, while the No side are lagging with 32. There have been a couple of abstentions too.
11.50pm BST23:50
11.50pm BST
23:50
Is Syriza splintering before our eyes?
Is Syriza splintering before our eyes?
It looks like the Left Platform - the radical left-wing of the movement, are rejecting Tsipras’s deal en masse.
It looks like the Left Platform - the radical left-wing of the movement, are rejecting Tsipras’s deal en masse.
Ind Greeks leader Kammenos votes Yes but looks like Tsipras will lose all his Left Platform MPs #Greece
Ind Greeks leader Kammenos votes Yes but looks like Tsipras will lose all his Left Platform MPs #Greece
The junior coalition party, though, are following the line:
The junior coalition party, though, are following the line:
ANEL MPs seem all to be voting YES. Good sign! #Greece #vouli
ANEL MPs seem all to be voting YES. Good sign! #Greece #vouli
11.47pm BST23:47
11.47pm BST
23:47
The Yes side is leading, by 60 votes to 21 for No.
The Yes side is leading, by 60 votes to 21 for No.
But many of those Nos are Tsipras’s own MPs.....
But many of those Nos are Tsipras’s own MPs.....
#Greece not a good sign. Tsipras is losing his Left Platform MPs who are voting 'no,' not present. May complicate things for Tsipras
#Greece not a good sign. Tsipras is losing his Left Platform MPs who are voting 'no,' not present. May complicate things for Tsipras
Updated at 11.52pm BST
Updated
11.46pm BST23:46
at 11.52pm BST
11.46pm BST
23:46
Varoufakis’s decision to vote NO caused quite a rumpus.
Varoufakis’s decision to vote NO caused quite a rumpus.
Greek ex Finance Minister @yanisvaroufakis votes 'No' to Greek agreement, as expected, to shouts of protest in the House.
Greek ex Finance Minister @yanisvaroufakis votes 'No' to Greek agreement, as expected, to shouts of protest in the House.
11.45pm BST23:45
11.45pm BST
23:45
Varoufakis votes NO
Varoufakis votes NO
Two big names have voted to reject the deal - including former finance minister Yanis Varoufakis.
Two big names have voted to reject the deal - including former finance minister Yanis Varoufakis.
Not a huge shock, given Varoufakis compared it to the Treaty of Versailles in a blog post today.
Not a huge shock, given Varoufakis compared it to the Treaty of Versailles in a blog post today.
But still, he’s defied Alexis Tsipras in a crucial vote.
But still, he’s defied Alexis Tsipras in a crucial vote.
As has house speaker Zoe Konstantopoulou - who earlier slammed the deal as a coup, that could cause social genocide.
As has house speaker Zoe Konstantopoulou - who earlier slammed the deal as a coup, that could cause social genocide.
#Varoufakis just voted AGAINST the #Agreekment
#Varoufakis just voted AGAINST the #Agreekment
Speaker Konstantopoulou votes "no".
Speaker Konstantopoulou votes "no".
Updated at 12.17am BST
Updated
11.41pm BST23:41
at 12.17am BST
11.41pm BST
23:41
It begins. Yes. No. Or present. pic.twitter.com/BmlcVrPGlm
It begins. Yes. No. Or present. pic.twitter.com/BmlcVrPGlm
11.39pm BST23:39
11.39pm BST
23:39
MPs to vote on bailout measures
MPs to vote on bailout measures
OK, finally, the parliament is starting to vote on the measures agreed with Greece’s creditors, to open formal negotiations on a third bailout.
OK, finally, the parliament is starting to vote on the measures agreed with Greece’s creditors, to open formal negotiations on a third bailout.
Voting to begin in Greek Parliament. Fasten your seat belts. #Greece
Voting to begin in Greek Parliament. Fasten your seat belts. #Greece
So here’s how it works.
So here’s how it works.
MPs will vote yes, or no, verbally.
MPs will vote yes, or no, verbally.
There are 300 MPs in the parliament (although some could be absent).
There are 300 MPs in the parliament (although some could be absent).
The government has 162 MPs -- 149 Syriza, and 13 Independent Greeks.
The government has 162 MPs -- 149 Syriza, and 13 Independent Greeks.
Tsipras should get a majority, given that three opposition parties - New Democracy, To Potami and Pasok, will back his measures.
Tsipras should get a majority, given that three opposition parties - New Democracy, To Potami and Pasok, will back his measures.
But how many of his own MPs will he lose?
But how many of his own MPs will he lose?
Updated at 11.39pm BST
Updated
11.34pm BST23:34
at 11.39pm BST
11.34pm BST
23:34
Tsipras responds -- the new bailout deal has a firmer commitment on discussing debt relief; just as soon as the first review is completed.
Tsipras responds -- the new bailout deal has a firmer commitment on discussing debt relief; just as soon as the first review is completed.
And we also have pledges to consider grace periods and longer debt maturities. This is a really positive thing for the country.
And we also have pledges to consider grace periods and longer debt maturities. This is a really positive thing for the country.
11.31pm BST23:31
11.31pm BST
23:31
ND leader Meimarakis to @atsipras: You didn't get anything more for the debt than we did. (tension in the room) #Greece #GrPlenary
ND leader Meimarakis to @atsipras: You didn't get anything more for the debt than we did. (tension in the room) #Greece #GrPlenary
11.30pm BST23:30
11.30pm BST
23:30
Despite the lateness of the hour, and the urgency of the moment, the debate continues -- New Democracy’s Vangelis Meimarakis wants to know exactly what new commitments Tsipras has won on debt relief.
Despite the lateness of the hour, and the urgency of the moment, the debate continues -- New Democracy’s Vangelis Meimarakis wants to know exactly what new commitments Tsipras has won on debt relief.
July 16, still no vote. In theory, #Greece has broken Monday's deal: #Grexit. In practice, Greek MPs still have 10h before next #Eurogroup
July 16, still no vote. In theory, #Greece has broken Monday's deal: #Grexit. In practice, Greek MPs still have 10h before next #Eurogroup
11.27pm BST23:27
11.27pm BST
23:27
There are some weary faces in the Athens parliament tonight.... this is their second late-night debate in five days, either side of the marathon summit meeting in Brussels.
There are some weary faces in the Athens parliament tonight.... this is their second late-night debate in five days, either side of the marathon summit meeting in Brussels.
#Greek PM visibly tired tonight - everyone has aged in this crisis. "One day is like ten years," a minister recently told me. He's right!
#Greek PM visibly tired tonight - everyone has aged in this crisis. "One day is like ten years," a minister recently told me. He's right!
11.24pm BST23:24
11.24pm BST
23:24
Tsipras repeats that he doesn’t believe these measures on the table tonight will benefit the economy (that’s hardly a contrarian view...)
Tsipras repeats that he doesn’t believe these measures on the table tonight will benefit the economy (that’s hardly a contrarian view...)
#Greece Tsipras must be the first PM who admits he passes a bill that will harm his country's economy.
#Greece Tsipras must be the first PM who admits he passes a bill that will harm his country's economy.
11.23pm BST23:23
11.23pm BST
23:23
Alexis Tsipras is back on his feet to address a few points.
Alexis Tsipras is back on his feet to address a few points.
He reminds MPs that he has managed to agree a deal that covers Greece’s funding needs for the next three years, and which includes a commitment to debt relief. That’s a positive development - we need debt restructuring to exit the crisis.
He reminds MPs that he has managed to agree a deal that covers Greece’s funding needs for the next three years, and which includes a commitment to debt relief. That’s a positive development - we need debt restructuring to exit the crisis.
11.20pm BST23:20
11.20pm BST
23:20
New Democracy opposition leader tells #Greek PM tt he has to apply new bailout accord faithfully so it can be renegotiated in time
New Democracy opposition leader tells #Greek PM tt he has to apply new bailout accord faithfully so it can be renegotiated in time
11.19pm BST23:19
11.19pm BST
23:19
The danger of Grexit hasn’t completely lifted, warns New Democracy’s leader.
The danger of Grexit hasn’t completely lifted, warns New Democracy’s leader.
A bad agreement is better than no agreement - but it’s your bad agreement, it has the signature of Alexis Tsipras on it, so you need to make it work.
A bad agreement is better than no agreement - but it’s your bad agreement, it has the signature of Alexis Tsipras on it, so you need to make it work.
"Danger is not over" (about Grexit), there must be mutual understanding "on bills you bring between now and Sept." (Meimarakis to PM)
"Danger is not over" (about Grexit), there must be mutual understanding "on bills you bring between now and Sept." (Meimarakis to PM)
And in conclusion, Meimarakis reminds Tsipras that he’d be in a worse position without New Democracy standing by him in this vote.
And in conclusion, Meimarakis reminds Tsipras that he’d be in a worse position without New Democracy standing by him in this vote.
Updated at 11.19pm BST
Updated
11.13pm BST23:13
at 11.19pm BST
11.13pm BST
23:13
New Democracy will vote in favour of the government’s progamme, Meimarakis says. But that’s not weakness, that’s a sign of strength.
New Democracy will vote in favour of the government’s progamme, Meimarakis says. But that’s not weakness, that’s a sign of strength.
11.12pm BST23:12
11.12pm BST
23:12
It’s now after 1am in Athens - this vote was meant to be wrapped up by midnight.
It’s now after 1am in Athens - this vote was meant to be wrapped up by midnight.
But now Vangelis Meimarakis, interim leader of opposition New Democracy, is speaking. He tells Tsipras he wasted his opportunity to reach a deal, by messing up the negotiations.
But now Vangelis Meimarakis, interim leader of opposition New Democracy, is speaking. He tells Tsipras he wasted his opportunity to reach a deal, by messing up the negotiations.
The banks are closed....because people voted for you, because of your false promises, Meimarakis adds.
The banks are closed....because people voted for you, because of your false promises, Meimarakis adds.
Leader of the opposition, even though he will vote yes, insults @tsipras_eu in a sarcastic speech. pic.twitter.com/qrt2L1UIMe
Leader of the opposition, even though he will vote yes, insults @tsipras_eu in a sarcastic speech. pic.twitter.com/qrt2L1UIMe
Attacks @atsipras for claim that the Europeans shut the banks - "didn't you know ECB couldn't fund banks without a program?"
Attacks @atsipras for claim that the Europeans shut the banks - "didn't you know ECB couldn't fund banks without a program?"
Updated at 11.13pm BST
Updated
11.06pm BST23:06
at 11.13pm BST
11.06pm BST
23:06
Tsipras gives a defiant speech. The saddest defiant speech in the history of sadly defiant speeches.
Tsipras gives a defiant speech. The saddest defiant speech in the history of sadly defiant speeches.
11.06pm BST23:06
11.06pm BST
23:06
Tsipras concludes his speech by vowing not to run away from his responsibilities. IE - he’s not about to resign.
Tsipras concludes his speech by vowing not to run away from his responsibilities. IE - he’s not about to resign.
#AlexisTsipras is getting a rousing ovation w MPs standing up to applaud him in the House ahead of historic vote tonight
#AlexisTsipras is getting a rousing ovation w MPs standing up to applaud him in the House ahead of historic vote tonight
11.03pm BST23:03
11.03pm BST
23:03
"I had a choice between a deal I did not agree with, or a disorderly default, or Schauble's choice of euro exit," says Alexis Tsipras
"I had a choice between a deal I did not agree with, or a disorderly default, or Schauble's choice of euro exit," says Alexis Tsipras
11.03pm BST23:03
11.03pm BST
23:03
We will do whatever is possible to fight corruption, Alexis Tsipras pledges.
We will do whatever is possible to fight corruption, Alexis Tsipras pledges.
And the Greek PM also admits that he doesn’t believe in many of the measures on the table - but had to choose between accepting the deal, or a disorderly defauly.
And the Greek PM also admits that he doesn’t believe in many of the measures on the table - but had to choose between accepting the deal, or a disorderly defauly.
11.01pm BST23:01
11.01pm BST
23:01
#Tsipras: I'm not going to sugarcoat this and pass it off as a success story #Greece #vouli #GreeceCrisis
#Tsipras: I'm not going to sugarcoat this and pass it off as a success story #Greece #vouli #GreeceCrisis
11.00pm BST23:00
11.00pm BST
23:00
PM @atsipras: We are forced to follow this strict fiscal context because this Europe. we are going to support the social majority of #Greece
PM @atsipras: We are forced to follow this strict fiscal context because this Europe. we are going to support the social majority of #Greece
11.00pm BST23:00
11.00pm BST
23:00
Despite this defiance, Tsipras can’t get away from the fact that he came back from Brussels with a deal loaded with austerity and tough reforms.
Despite this defiance, Tsipras can’t get away from the fact that he came back from Brussels with a deal loaded with austerity and tough reforms.
I won’t try to make this deal appear better than it is, he says. It is a difficult plan, with “hard measures”.
I won’t try to make this deal appear better than it is, he says. It is a difficult plan, with “hard measures”.
10.57pm BST22:57
10.57pm BST
22:57
Tsipras is arguing that the old politics is over -- the people appreciate the difference between those who fight against unfairness, and those who surrender.
Tsipras is arguing that the old politics is over -- the people appreciate the difference between those who fight against unfairness, and those who surrender.
10.55pm BST22:55
10.55pm BST
22:55
Tsipras admits that “little Greece” may have lost the war but, he says, it has left behind something v precious: it has sown the seed of democracy and resistance to a system that no one had dared tackle before.
Tsipras admits that “little Greece” may have lost the war but, he says, it has left behind something v precious: it has sown the seed of democracy and resistance to a system that no one had dared tackle before.
“There was right on our side, there was economic might on theirs.” (via Helena Smith) He goes on to say that in no way is the left going to be a “parenthesis” in Greek political life.
“There was right on our side, there was economic might on theirs.” (via Helena Smith) He goes on to say that in no way is the left going to be a “parenthesis” in Greek political life.
PM @atsipras: It was a debate against the conservative powers of Europe wanting to prove that austerity is the only way. #Greece #GrPlenary
PM @atsipras: It was a debate against the conservative powers of Europe wanting to prove that austerity is the only way. #Greece #GrPlenary
Updated at 11.15pm BST
Updated
10.54pm BST22:54
at 11.15pm BST
10.54pm BST
22:54
Tsipras says his government were supported by left-wing parties, social democrats, Greens, across Europe.
Tsipras says his government were supported by left-wing parties, social democrats, Greens, across Europe.
But it was centre-right, conservative parties who dealt such a blow to Greece (Angela Merkel’s CDU, perhaps?)
But it was centre-right, conservative parties who dealt such a blow to Greece (Angela Merkel’s CDU, perhaps?)
Updated at 10.55pm BST
Updated
10.51pm BST22:51
at 10.55pm BST
10.51pm BST
22:51
We faced an unfair fight, against financial powers. And we have left a heritage of dignity and democracy to Europe.
We faced an unfair fight, against financial powers. And we have left a heritage of dignity and democracy to Europe.
This fight will bear fruit. More applause.
This fight will bear fruit. More applause.
10.50pm BST22:50
10.50pm BST
22:50
Tsipras speaks
Tsipras speaks
Mystery solved! Alexis Tsipras has just arrived in the chamber, and is addressing MPs now.
Mystery solved! Alexis Tsipras has just arrived in the chamber, and is addressing MPs now.
Colleagues, we are at a critical moment.... we are called on to take a decision with responsibility.
Colleagues, we are at a critical moment.... we are called on to take a decision with responsibility.
I take full responsibility for everything, says Tsipras - and I feel proud of the fight we have fought over the last few years.
I take full responsibility for everything, says Tsipras - and I feel proud of the fight we have fought over the last few years.
10.48pm BST22:48
10.48pm BST
22:48
Parliament must resist this blackmail, continues Konstantopoulou -- which I guess means she’s going to vote No.
Parliament must resist this blackmail, continues Konstantopoulou -- which I guess means she’s going to vote No.
10.44pm BST22:44
10.44pm BST
22:44
The people gave a clear “No” in this month’s referendum, says Konstantopoulou - we don’t have the right to interpret it as a “Yes”, or a “No with conditions”.
The people gave a clear “No” in this month’s referendum, says Konstantopoulou - we don’t have the right to interpret it as a “Yes”, or a “No with conditions”.
10.42pm BST22:42
10.42pm BST
22:42
Parl Speaker Zoe Konstantopoulou says that this is a coup, a blackmail which could lead to a social genocide. #Greece #Agreekment
Parl Speaker Zoe Konstantopoulou says that this is a coup, a blackmail which could lead to a social genocide. #Greece #Agreekment
10.41pm BST22:41
10.41pm BST
22:41
Getting into her stride, Konstantopoulou says the bailout deal is a coup, a crime against humanity which could lead to social genocide.
Getting into her stride, Konstantopoulou says the bailout deal is a coup, a crime against humanity which could lead to social genocide.
Speaker Konstantopoulou: New deal is a "coup" and "social genocide" _ calls on lawmakers to block it #Greece pic.twitter.com/n6HgmBaKUN
Speaker Konstantopoulou: New deal is a "coup" and "social genocide" _ calls on lawmakers to block it #Greece pic.twitter.com/n6HgmBaKUN
Updated at 10.41pm BST
Updated
10.38pm BST22:38
at 10.41pm BST
10.38pm BST
22:38
"There is no doubt that if blackmail is completed 2night nothing will stop it being repeated and not just in GR," says Zoe Konstantopoulou
"There is no doubt that if blackmail is completed 2night nothing will stop it being repeated and not just in GR," says Zoe Konstantopoulou
10.37pm BST22:37
10.37pm BST
22:37
Parliamentary speaker Zoe Konstantopoulou is now speaking -- criticising the way MPs were forced to vote through the measures so quickly (Not voted yet, though...)
Parliamentary speaker Zoe Konstantopoulou is now speaking -- criticising the way MPs were forced to vote through the measures so quickly (Not voted yet, though...)
Konstantopoulou says creditors have forced destructive policies on Greece, and slams Greece’s debt as odious.
Konstantopoulou says creditors have forced destructive policies on Greece, and slams Greece’s debt as odious.
And a rumour is spreading that Alexis Tsipras may speak tonight -- meaning the vote will be even later.
And a rumour is spreading that Alexis Tsipras may speak tonight -- meaning the vote will be even later.
#Greece parliament Zoe Konstantopoulou now addressing House (as Syriza MP) amid speculation that PM may also speak 2night
#Greece parliament Zoe Konstantopoulou now addressing House (as Syriza MP) amid speculation that PM may also speak 2night
Messing with deadlines is really not the best thing to do to get your creditors to trust you again. +2 NEINs in Bundestag? #Grexasperation
Messing with deadlines is really not the best thing to do to get your creditors to trust you again. +2 NEINs in Bundestag? #Grexasperation
Updated at 10.39pm BST
Updated
10.32pm BST22:32
at 10.39pm BST
10.32pm BST
22:32
Now she's saying @yanisvaroufakis blew his responsibilities when he was in office. She is angry. pic.twitter.com/4YUKRZdjtU
Now she's saying @yanisvaroufakis blew his responsibilities when he was in office. She is angry. pic.twitter.com/4YUKRZdjtU
10.31pm BST22:31
10.31pm BST
22:31
Currently Evi Christofilopou, MP for the opposition Pasok, is blasting the government for its handling of the crisis.
Currently Evi Christofilopou, MP for the opposition Pasok, is blasting the government for its handling of the crisis.
Those who wish to see the drachma will not have their way. No to drachma, yes to euro.
Those who wish to see the drachma will not have their way. No to drachma, yes to euro.
10.27pm BST22:27
10.27pm BST
22:27
Just press play to watch the Athens parliament, with an English translation:
Just press play to watch the Athens parliament, with an English translation:
@graemewearden Vouli live feed, dubbed in English https://t.co/kbFvJbxfie
@graemewearden Vouli live feed, dubbed in English https://t.co/kbFvJbxfie
Updated at 10.27pm BST
Updated
10.19pm BST22:19
at 10.27pm BST
10.19pm BST
22:19
Here’s a live-feed without a translation, for Greek speakers among you.
Here’s a live-feed without a translation, for Greek speakers among you.
10.11pm BST22:11
10.11pm BST
22:11
Time for the vote? No, time for former deputy PM Evangelos Venizelos to speak -- and questioning whether correct processes are being followed.
Time for the vote? No, time for former deputy PM Evangelos Venizelos to speak -- and questioning whether correct processes are being followed.
.@EVenizelos is making a stink about procedure. Still no vote 8 minutes past midnight. @tsipras_eu nowhere to be seen pic.twitter.com/XeI71Eezih
.@EVenizelos is making a stink about procedure. Still no vote 8 minutes past midnight. @tsipras_eu nowhere to be seen pic.twitter.com/XeI71Eezih
10.10pm BST22:10
10.10pm BST
22:10
But first, MPs are hearing from Panos Kammenos, leader of the junior coalition party, Independent Greeks.
But first, MPs are hearing from Panos Kammenos, leader of the junior coalition party, Independent Greeks.
He also argues that the eurozone attempted a coup, and MPs shouldn’t stand for it.
He also argues that the eurozone attempted a coup, and MPs shouldn’t stand for it.
"If this gov falls tonight there will be no hope for Greece or Europe!" proclaims Indy Greeks party leader Panos Kammenos.
"If this gov falls tonight there will be no hope for Greece or Europe!" proclaims Indy Greeks party leader Panos Kammenos.
IndGreeks' Kammenos: We have to vote against our conscience and back the agreement #Greece pic.twitter.com/fddeSRBtgi
IndGreeks' Kammenos: We have to vote against our conscience and back the agreement #Greece pic.twitter.com/fddeSRBtgi
10.05pm BST22:05
10.05pm BST
22:05
Eurozone finance ministers are due to sign off on the short-term loan to cover Greece’s immediate needs in around 12 hours, assuming MPs approve the plan.
Eurozone finance ministers are due to sign off on the short-term loan to cover Greece’s immediate needs in around 12 hours, assuming MPs approve the plan.
Past midnight in #Greece & vote yet to take place. Needs to be done asap. #Eurogroup teleconference to approve bridge loan at 11am
Past midnight in #Greece & vote yet to take place. Needs to be done asap. #Eurogroup teleconference to approve bridge loan at 11am
10.01pm BST22:01
10.01pm BST
22:01
Bong! It’s midnight in Athens, and the vote hasn’t taken place yet.
Bong! It’s midnight in Athens, and the vote hasn’t taken place yet.
Vote in #Greek parliament had to be dated 15 July but now hearing debate likely to run for some time yet before ballot takes place on the 16
Vote in #Greek parliament had to be dated 15 July but now hearing debate likely to run for some time yet before ballot takes place on the 16
10.00pm BST22:00
10.00pm BST
22:00
Helena Smith
Helena Smith
One man is missing in tonight’s parliamentary debate -- Alexis Tsipras himself, says our correspondent Helena Smith. The Greek prime minister has caused some commotion with his refusal to address the House tonight. Word has it that at this stage he believes silence is the wiser course. To say anything would be to rachet up tensions when the atmosphere is already electric, not least among MPs in his own Syriza party.
One man is missing in tonight’s parliamentary debate -- Alexis Tsipras himself, says our correspondent Helena Smith. The Greek prime minister has caused some commotion with his refusal to address the House tonight. Word has it that at this stage he believes silence is the wiser course. To say anything would be to rachet up tensions when the atmosphere is already electric, not least among MPs in his own Syriza party.
But the great Athens rumour mill is also abuzz with speculation that Tsipras may see this vote as a vote of confidence - one that could trigger momentous developments if he suffers bigger losses than expected tonight.
But the great Athens rumour mill is also abuzz with speculation that Tsipras may see this vote as a vote of confidence - one that could trigger momentous developments if he suffers bigger losses than expected tonight.
The leftist leader is reported to have put in a call to the country’s head of state, president Prokopis Pavlopoulos this evening which has given added weight to speculation that he may regard the ballot as a confidence vote.
The leftist leader is reported to have put in a call to the country’s head of state, president Prokopis Pavlopoulos this evening which has given added weight to speculation that he may regard the ballot as a confidence vote.
Greek media are reporting that all scenarios should now be considered, including his possible resignation if a sizeable number of Syriza MPs refuse to back the measures.
Greek media are reporting that all scenarios should now be considered, including his possible resignation if a sizeable number of Syriza MPs refuse to back the measures.
9.54pm BST21:54
9.54pm BST
21:54
Govt's Fylis: Syriza "experiment" targeted by international establishment, to send "message of despair" around Europe pic.twitter.com/NLOHGlsbhQ
Govt's Fylis: Syriza "experiment" targeted by international establishment, to send "message of despair" around Europe pic.twitter.com/NLOHGlsbhQ
9.53pm BST21:53
9.53pm BST
21:53
As midnight approaches in Athens, Syriza parliamentary spokesman Nikos Filis takes the stand.
As midnight approaches in Athens, Syriza parliamentary spokesman Nikos Filis takes the stand.
He’s arguing that Greece faced a coup in Brussels last weekend, in those bailout talks. MPs must decide if they are taking part in it too.
He’s arguing that Greece faced a coup in Brussels last weekend, in those bailout talks. MPs must decide if they are taking part in it too.
#Syriza's @nikosfilis1: Coup in Brussels had one aim: to overthrow this government, to show that there can not be a left govt in EU. #Vouli
#Syriza's @nikosfilis1: Coup in Brussels had one aim: to overthrow this government, to show that there can not be a left govt in EU. #Vouli
9.50pm BST21:50
9.50pm BST
21:50
Another To Potami MP, Harry Theoharis, suggests rebel government MPs and ministers should resign.
Another To Potami MP, Harry Theoharis, suggests rebel government MPs and ministers should resign.
#Potami MP Theoharis says SYRIZA ministers, MPs who disagree should have the decency to give up their posts, like x-minister Valavani
#Potami MP Theoharis says SYRIZA ministers, MPs who disagree should have the decency to give up their posts, like x-minister Valavani
#Potami MP Theoharis says govt claims it faced 'putschists' abroad, but when he returned to Greece he found tem in his party
#Potami MP Theoharis says govt claims it faced 'putschists' abroad, but when he returned to Greece he found tem in his party
9.45pm BST21:45
9.45pm BST
21:45
Government's Stathakis: "The worst thing we can do is to run away from reality" #Greece pic.twitter.com/pewZ9zbA0f
Government's Stathakis: "The worst thing we can do is to run away from reality" #Greece pic.twitter.com/pewZ9zbA0f
9.41pm BST21:41
9.41pm BST
21:41
Now it’s economy minister Giorgos Stathakis’s turn. He admits that the agreement reached with lenders is difficult, but it will stabilise the Greek banking sector.
Now it’s economy minister Giorgos Stathakis’s turn. He admits that the agreement reached with lenders is difficult, but it will stabilise the Greek banking sector.
9.36pm BST21:36
9.36pm BST
21:36
New Democracy are promising to support the government to get the bailout measures into law, but after that Tsipras is on his own (assuming he lasts that long as leader)
New Democracy are promising to support the government to get the bailout measures into law, but after that Tsipras is on his own (assuming he lasts that long as leader)
#Greece | ND's Mitsotakis says ND support for gov't ends with last prior actions bill July 23.
#Greece | ND's Mitsotakis says ND support for gov't ends with last prior actions bill July 23.
Updated at 9.38pm BST
Updated
9.32pm BST21:32
at 9.38pm BST
9.32pm BST
21:32
Another New Democracy MP, Kyriakos Mitsotakis, says Greece’s bailout bill has jumped by €25bn because of the damage caused to its banks.
Another New Democracy MP, Kyriakos Mitsotakis, says Greece’s bailout bill has jumped by €25bn because of the damage caused to its banks.
Third bailout 4 #Greece cost 25 bn euro more 2 recapitalize banks in wake of their closure, says ND part rep Kyriakos Mitsotakis
Third bailout 4 #Greece cost 25 bn euro more 2 recapitalize banks in wake of their closure, says ND part rep Kyriakos Mitsotakis
He also acknowledges the role France played in the negotiations, by insisting that Greece should remain in the eurozone.
He also acknowledges the role France played in the negotiations, by insisting that Greece should remain in the eurozone.
ND spokesperson Mitsotakis says we have to say a big "thank you" to France and the French President for the support. #greekparliament
ND spokesperson Mitsotakis says we have to say a big "thank you" to France and the French President for the support. #greekparliament
9.30pm BST21:30
9.30pm BST
21:30
Correction: I thought some of the explosions we heard from Athens earlier were stun grenades, but watching that video back, they all appear to be petrol bombs. Sorry for the error.
Correction: I thought some of the explosions we heard from Athens earlier were stun grenades, but watching that video back, they all appear to be petrol bombs. Sorry for the error.
9.18pm BST21:18
9.18pm BST
21:18
Video: Tonight's clashes
Video: Tonight's clashes
Here’s another video clip of Greek anti-establishment protesters clashing with riot police outside the parliament in Athens,
Here’s another video clip of Greek anti-establishment protesters clashing with riot police outside the parliament in Athens,
9.12pm BST21:12
9.12pm BST
21:12
Theodorakis also says that To Potami will NOT join a coalition government.
Theodorakis also says that To Potami will NOT join a coalition government.
We will remain as the “useful” opposition, he insists.
We will remain as the “useful” opposition, he insists.
Potami's Theodorakis says his party will continue to be the "useful opposition" #Greece
Potami's Theodorakis says his party will continue to be the "useful opposition" #Greece
So Tsipras can give up any hopes of shoring up his government by bringing To Potami’s 17 MPs into the fold.
So Tsipras can give up any hopes of shoring up his government by bringing To Potami’s 17 MPs into the fold.
9.10pm BST21:10
9.10pm BST
21:10
Back in the Athens parliament, the leader of the centrist To Potami party is speaking.
Back in the Athens parliament, the leader of the centrist To Potami party is speaking.
Stavros Theodorakis says his party will vote in favour of the bailout measures tonight. He criticises Syriza MPs for trying to take Greece back to the drachma, and says Alexis Tsipras should expel them.
Stavros Theodorakis says his party will vote in favour of the bailout measures tonight. He criticises Syriza MPs for trying to take Greece back to the drachma, and says Alexis Tsipras should expel them.
#Theodorakis says Potami will present on Monday ideas on how to promote growth, help the unemployed
#Theodorakis says Potami will present on Monday ideas on how to promote growth, help the unemployed
Theodorakis also urges Greece’s young people not to give up hope and leave:
Theodorakis also urges Greece’s young people not to give up hope and leave:
Theodorakis first speaker to adress young people, asking them not to leave country. - Just heard from friend: "My daughter leaves now, too."
Theodorakis first speaker to adress young people, asking them not to leave country. - Just heard from friend: "My daughter leaves now, too."
9.03pm BST21:03
9.03pm BST
8.58pm BST20:58
21:03
8.58pm BST
20:58
Patrick Kingsley
Patrick Kingsley
A column of anti-austerity protesters are currently marching in a loop through central Thessaloniki, Greece’s second city, and its seafront.
A column of anti-austerity protesters are currently marching in a loop through central Thessaloniki, Greece’s second city, and its seafront.
The mood is calm, and not everyone is in the streets – the marchers just passed a pirate-themed ship full of revellers.
The mood is calm, and not everyone is in the streets – the marchers just passed a pirate-themed ship full of revellers.
“Maybe there’s about a thousand here – with VAT,” jokes one protester, in a reference to the huge VAT hikes that the new bail-out will precipitate, inflating the cost of daily living.
“Maybe there’s about a thousand here – with VAT,” jokes one protester, in a reference to the huge VAT hikes that the new bail-out will precipitate, inflating the cost of daily living.
There is a sense of anger, but also of disorientation – and uncertainty about what to do, and who to blame.
There is a sense of anger, but also of disorientation – and uncertainty about what to do, and who to blame.
“I feel very confused about the situation,” says Giorgos, a middle-aged pharmacist who lost his job two weeks ago.
“I feel very confused about the situation,” says Giorgos, a middle-aged pharmacist who lost his job two weeks ago.
“I feel very angry about the memorandum, but also I have no problem for the moment with Tsipras. He was under a lot of pressure, and this is a coup.”
“I feel very angry about the memorandum, but also I have no problem for the moment with Tsipras. He was under a lot of pressure, and this is a coup.”
Giorgos is resentful of the EU, whose leaders have shown no compassion to a family like his – a family whose two breadwinners have lost their jobs. But equally he doesn’t want to leave the euro, not yet anyway.The feeling shared by other marchers.
Giorgos is resentful of the EU, whose leaders have shown no compassion to a family like his – a family whose two breadwinners have lost their jobs. But equally he doesn’t want to leave the euro, not yet anyway.The feeling shared by other marchers.
“It’s more complicated than that,” says Varvara Kyrillidou, an Italian teacher and Syriza member protesting against her party leader’s decision.
“It’s more complicated than that,” says Varvara Kyrillidou, an Italian teacher and Syriza member protesting against her party leader’s decision.
“To leave Europe behind, we need a plan – without a plan it’s very risky for our people. And at the moment we haven’t got one.”
“To leave Europe behind, we need a plan – without a plan it’s very risky for our people. And at the moment we haven’t got one.”
Greece ideally needs to sit down and have a rethink, says Kyrillidou – but she knows there isn’t time.
Greece ideally needs to sit down and have a rethink, says Kyrillidou – but she knows there isn’t time.
“We’re between two walls that are closing in on us.”
“We’re between two walls that are closing in on us.”
Updated at 9.02pm BST
Updated
8.53pm BST20:53
at 9.02pm BST
8.53pm BST
20:53
A senior member of the right-wing New Democracy party (the largest opposition group) is now speaking;
A senior member of the right-wing New Democracy party (the largest opposition group) is now speaking;
Now up: ND MP Christos Staikouras (@cstaikouras): accuses the govt of taking a simplistic approach to negotiations pic.twitter.com/FNS3xXgSgi
Now up: ND MP Christos Staikouras (@cstaikouras): accuses the govt of taking a simplistic approach to negotiations pic.twitter.com/FNS3xXgSgi
8.44pm BST20:44
8.44pm BST
20:44
Fofi Gennimata, leader of the left-wing Pasok party, is speaking in parliament.
Fofi Gennimata, leader of the left-wing Pasok party, is speaking in parliament.
She criticises Alexis Tsipras for not being in the chamber, and for failing to build on the efforts of the last few years.
She criticises Alexis Tsipras for not being in the chamber, and for failing to build on the efforts of the last few years.
New Pasok leader @FofiGennimata says #Tsipras should be in the chamber to defend the deal he signed. #Vouli
New Pasok leader @FofiGennimata says #Tsipras should be in the chamber to defend the deal he signed. #Vouli
PASOK leader Genimata calls for PM Tsipras to show up and come defend the agreement; says it is an institutional impropriety not to.
PASOK leader Genimata calls for PM Tsipras to show up and come defend the agreement; says it is an institutional impropriety not to.
Loads of bull from PASOK's F. Gennimata: Tsipras 'ought to have built' on the previous governments' 'efforts'; see previous bailouts.#Greece
Loads of bull from PASOK's F. Gennimata: Tsipras 'ought to have built' on the previous governments' 'efforts'; see previous bailouts.#Greece
8.33pm BST20:33
8.33pm BST
20:33
The situation does appear calmer.
The situation does appear calmer.
2 tourists from UK told me it's their day one in #greece & find this experience interesting & not intimidating pic.twitter.com/0IhaTYnBo4
2 tourists from UK told me it's their day one in #greece & find this experience interesting & not intimidating pic.twitter.com/0IhaTYnBo4
8.25pm BST20:25
8.25pm BST
20:25
Video: The moment the clashes began
Video: The moment the clashes began
Here’s a video clip of the moments when tonight’s protests in Athens turned violent, just over an hour ago (scroll back here for rolling coverage of the demo)
Here’s a video clip of the moments when tonight’s protests in Athens turned violent, just over an hour ago (scroll back here for rolling coverage of the demo)
It was filmed by Emma Graham-Harrison.
It was filmed by Emma Graham-Harrison.
8.22pm BST20:22
8.22pm BST
20:22
Some Syriza MPs are saying they will support the package, but they clearly don’t welcome its measures:
Some Syriza MPs are saying they will support the package, but they clearly don’t welcome its measures:
Torturous logic. #Syriza MP Dimitris Vitsas: "I don't want to speak in favour of the bill but about the necessity of passing it." #Vouli
Torturous logic. #Syriza MP Dimitris Vitsas: "I don't want to speak in favour of the bill but about the necessity of passing it." #Vouli
8.20pm BST20:20
8.20pm BST
20:20
Communist Party leader Dimitris Koutsoumbas is now speaking in parliament.
Communist Party leader Dimitris Koutsoumbas is now speaking in parliament.
He says ‘History is not repeating itself as tragedy but as a farce’, as he criticises the government for signing up to such a harsh austerity package.
He says ‘History is not repeating itself as tragedy but as a farce’, as he criticises the government for signing up to such a harsh austerity package.
Now up. Dimitris Koutsoubas, leader of communist KKE. Says history is repeating itself. Memorandum 1, 2 and 3. #vouli pic.twitter.com/pijpWY1Vcl
Now up. Dimitris Koutsoubas, leader of communist KKE. Says history is repeating itself. Memorandum 1, 2 and 3. #vouli pic.twitter.com/pijpWY1Vcl
Reminder, a vote is expected before midnight Athens time (10pm BST, 5pm if you’re on the East Coast of the US)
Reminder, a vote is expected before midnight Athens time (10pm BST, 5pm if you’re on the East Coast of the US)
8.13pm BST20:13
8.13pm BST
20:13
Back inside the parliament building, finance minister Euclid Tsakalotos has been defending the bailout terms which Greece signed up to:
Back inside the parliament building, finance minister Euclid Tsakalotos has been defending the bailout terms which Greece signed up to:
He says that Monday was the hardest day of his life, and one that will weigh on him for the rest of his life.
He says that Monday was the hardest day of his life, and one that will weigh on him for the rest of his life.
. Greek FinMin @tsakalotos I dont know if we did the right thing. But I know we felt we had no choice. We never said this was good agreement
. Greek FinMin @tsakalotos I dont know if we did the right thing. But I know we felt we had no choice. We never said this was good agreement
Tsakalotos still looks worn down from last weekend’s all-night talks in Brussels:
Tsakalotos still looks worn down from last weekend’s all-night talks in Brussels:
8.06pm BST20:06
8.06pm BST
20:06
We should repeat that the demonstrations in Athens were peaceful, until a small group began throwing petrol bombs.
We should repeat that the demonstrations in Athens were peaceful, until a small group began throwing petrol bombs.
Main clashes over - here's pic just before it started #Greece pic.twitter.com/270cE1rDCq
Main clashes over - here's pic just before it started #Greece pic.twitter.com/270cE1rDCq
The clashes do appear to have calmed down now.
The clashes do appear to have calmed down now.
Things calm now outside the Parliament. Clashes, as usually, displaced in narrow roads arround. #Greece #15jgr pic.twitter.com/JcfKBUdz7n
Things calm now outside the Parliament. Clashes, as usually, displaced in narrow roads arround. #Greece #15jgr pic.twitter.com/JcfKBUdz7n
8.03pm BST20:03
8.03pm BST
20:03
#Greek protestors playing cat & mouse as they clash w riot police; Syntagma now empty bar peaceful protestors rep #Antarsya
#Greek protestors playing cat & mouse as they clash w riot police; Syntagma now empty bar peaceful protestors rep #Antarsya
8.01pm BST20:01
8.01pm BST
20:01
Reuters: Dozens of petrol bombs thrown
Reuters: Dozens of petrol bombs thrown
Here’s Reuters latest report from Athens:
Here’s Reuters latest report from Athens:
Greek protesters clash with police at anti-austerity march
Greek protesters clash with police at anti-austerity march
Greek anti-establishment protesters threw dozens of petrol bombs at police in front of parliament on Wednesday ahead of a key vote on a bailout deal, in some of the most serious violence in over two years.
Greek anti-establishment protesters threw dozens of petrol bombs at police in front of parliament on Wednesday ahead of a key vote on a bailout deal, in some of the most serious violence in over two years.
Police responded with tear gas, sending hundreds of people fleeing in central Syntagma Square.
Police responded with tear gas, sending hundreds of people fleeing in central Syntagma Square.
Earlier, thousands took to the streets of Athens in a series of otherwise peaceful marches during the day to protest against the new bailout deal that saved Greece from bankruptcy but will impose more reforms on a country already deep in crisis.
Earlier, thousands took to the streets of Athens in a series of otherwise peaceful marches during the day to protest against the new bailout deal that saved Greece from bankruptcy but will impose more reforms on a country already deep in crisis.
Once a common sight in protest marches in Greece, clashes with police had been very rare since the leftist Syriza party came to power in January.
Once a common sight in protest marches in Greece, clashes with police had been very rare since the leftist Syriza party came to power in January.
Just before the clashes, protesters marched waving banners reading “Cancel the bailout!” and “No to the policies of the EU, the ECB and the IMF.”
Just before the clashes, protesters marched waving banners reading “Cancel the bailout!” and “No to the policies of the EU, the ECB and the IMF.”
Updated at 8.01pm BST
Updated
7.53pm BST19:53
at 8.01pm BST
7.53pm BST
19:53
The media van set alight in tonight’s protests is now being dealt with:
The media van set alight in tonight’s protests is now being dealt with:
#KLIVE Φωτιά σε βαν τηλεοπτικού συνεργείου τώρα στο Σύνταγμα μεταδίδει ο @jeansouliotis (LIVE) http://t.co/kGQCRhLdmX pic.twitter.com/cytjaFkXKY
#KLIVE Φωτιά σε βαν τηλεοπτικού συνεργείου τώρα στο Σύνταγμα μεταδίδει ο @jeansouliotis (LIVE) http://t.co/kGQCRhLdmX pic.twitter.com/cytjaFkXKY
7.52pm BST19:52
7.52pm BST
19:52
More photos from tonight’s clashes are coming in:
More photos from tonight’s clashes are coming in:
7.49pm BST19:49
7.49pm BST
19:49
Atmosphere in #Athens 2night electric - clashes have moved from Syntagma to Zappeion park where media van now ablaze
Atmosphere in #Athens 2night electric - clashes have moved from Syntagma to Zappeion park where media van now ablaze
7.45pm BST19:45
7.45pm BST
19:45
This is the first serious trouble at a Greek protest this year, I believe.
This is the first serious trouble at a Greek protest this year, I believe.
Syntagma Square: striking to see the police forces nominally controlled by the Syriza government teargassing the Syriza activist base.
Syntagma Square: striking to see the police forces nominally controlled by the Syriza government teargassing the Syriza activist base.
7.42pm BST19:42
7.42pm BST
19:42
On the streets, there is still lots of shouting and the odd explosion, and helicopters overhead.
On the streets, there is still lots of shouting and the odd explosion, and helicopters overhead.
7.42pm BST19:42
7.42pm BST
19:42
Reuters is reporting that the Greek prime minister, Alexis Tsipras, has spoken by phone with the country’s president tonight:
Reuters is reporting that the Greek prime minister, Alexis Tsipras, has spoken by phone with the country’s president tonight:
Tsipras had telephone call with Greek president Pavlopoulos. Last time this was the precursor to the referendum. #Greece
Tsipras had telephone call with Greek president Pavlopoulos. Last time this was the precursor to the referendum. #Greece
7.40pm BST19:40
7.40pm BST
19:40
Left ANTARSYA re-organized and back in front of the Parliament after clashes. #Greece #mnimonio3 #15jgr pic.twitter.com/LBNKvqBORA
Left ANTARSYA re-organized and back in front of the Parliament after clashes. #Greece #mnimonio3 #15jgr pic.twitter.com/LBNKvqBORA
7.40pm BST19:40
7.40pm BST
19:40
#Syntagma #Greece tonight: deja vu - air thick with tear gas; molotov cocktails burning around the square; riot police everywhere
#Syntagma #Greece tonight: deja vu - air thick with tear gas; molotov cocktails burning around the square; riot police everywhere
7.38pm BST19:38
7.38pm BST
19:38
Running battles in Athens
Running battles in Athens
Helena Smith
Helena Smith
Pitched running battles broke out after the Molotov cocktails were thrown, reports Helena Smith:
Pitched running battles broke out after the Molotov cocktails were thrown, reports Helena Smith:
At the top end of square opposite Grande Bretagne it is impossible to cross.
At the top end of square opposite Grande Bretagne it is impossible to cross.
There is a lot of tea gas in the air, and Molotov cocktails lobbed by protesters now burning in the streets.
There is a lot of tea gas in the air, and Molotov cocktails lobbed by protesters now burning in the streets.
I’m told the protesters were from anarchist groups, and the far-left anti-capitalist Antarsya.
I’m told the protesters were from anarchist groups, and the far-left anti-capitalist Antarsya.
Updated at 8.02pm BST
Updated
7.35pm BST19:35
at 8.02pm BST
7.35pm BST
19:35
Emma Graham-Harrison
Emma Graham-Harrison
The tourist area in Athens is full of a lot of very bemused looking visitors, kids asking “why does my throat sting” and frustrated shopkeepers saying “now I can’t do any business tonight.
The tourist area in Athens is full of a lot of very bemused looking visitors, kids asking “why does my throat sting” and frustrated shopkeepers saying “now I can’t do any business tonight.
7.34pm BST19:34
7.34pm BST
19:34
Apologies, that CNBC Periscope feed has just stopped.
Apologies, that CNBC Periscope feed has just stopped.
7.32pm BST19:32
7.32pm BST
19:32
More photos from the Athens clashes:
More photos from the Athens clashes:
Attempt to set alight media van. Athens clashes, anti-austerity demo . #Greece #mnimonio3 #15jgr pic.twitter.com/p3FsHckyIP
Attempt to set alight media van. Athens clashes, anti-austerity demo . #Greece #mnimonio3 #15jgr pic.twitter.com/p3FsHckyIP
Detention at #Syntagma clashes RT @dikeram Συλληψη pic.twitter.com/GLphOAoN6c
Detention at #Syntagma clashes RT @dikeram Συλληψη pic.twitter.com/GLphOAoN6c
7.31pm BST19:31
7.31pm BST
19:31
Syntagma Square, the site of the Athens parliament, was just ringing to the occasional sound of explosions [updated]
Syntagma Square, the site of the Athens parliament, was just ringing to the occasional sound of explosions [updated]
The demonstrators (who were peacefully demonstrating a few minutes ago) have scattered, after riot police and a small group of anarchists clashed a few minutes ago.
The demonstrators (who were peacefully demonstrating a few minutes ago) have scattered, after riot police and a small group of anarchists clashed a few minutes ago.
Scores of riot police are sited at key points across the square:
Scores of riot police are sited at key points across the square:
Michelle Caruso-Cabrera , CNBC’s chief international correspondent, is broadcasting live on Periscope here:
Michelle Caruso-Cabrera , CNBC’s chief international correspondent, is broadcasting live on Periscope here:
Molotov cocktails in front of Greek parliament
Molotov cocktails in front of Greek parliament
[Watching the video again, those explosions appear to all be petrol bombs]
[Watching the video again, those explosions appear to all be petrol bombs]
Updated at 9.28pm BST
Updated
7.25pm BST19:25
at 9.28pm BST
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19:25
Getting a bit ugly outside Greek Parliament #Greece pic.twitter.com/TEh3mjAeEP
Getting a bit ugly outside Greek Parliament #Greece pic.twitter.com/TEh3mjAeEP
7.22pm BST19:22
7.22pm BST
19:22
The clashes began just as MPs began to debate the bailout plan.
The clashes began just as MPs began to debate the bailout plan.
Clashes in Athens; minor at the moment. Panoramic pic via @KallergisK #greece #agreekment #greekcrisis pic.twitter.com/7jJ0N3dTum
Clashes in Athens; minor at the moment. Panoramic pic via @KallergisK #greece #agreekment #greekcrisis pic.twitter.com/7jJ0N3dTum
7.20pm BST19:20
7.20pm BST
19:20
Molotov cocktails and tear gas in Athens
Molotov cocktails and tear gas in Athens
The demonstration in Syntagma Square in the centre of Athens has suddenly turned violent.
The demonstration in Syntagma Square in the centre of Athens has suddenly turned violent.
Motolov cocktails have been let off, and the police are now tear-gassing the crowd, Emma reports.
Motolov cocktails have been let off, and the police are now tear-gassing the crowd, Emma reports.
Tear gas #syntagma pic.twitter.com/WNJg9XO752
Tear gas #syntagma pic.twitter.com/WNJg9XO752
coktails molotofs a Syntagma... une image que l'on avait oublie ces derniers mois pic.twitter.com/NFf0Nm7HkK
coktails molotofs a Syntagma... une image que l'on avait oublie ces derniers mois pic.twitter.com/NFf0Nm7HkK
And there we go. Fireworks now and a bit teargas and the square is full of people fleeing #Syntagma pic.twitter.com/beuiVRolmy
And there we go. Fireworks now and a bit teargas and the square is full of people fleeing #Syntagma pic.twitter.com/beuiVRolmy
7.19pm BST19:19
7.19pm BST
19:19
Emma Graham-Harrison
Emma Graham-Harrison
Attending tonight’s demonstration is Mikalis Simeakis, who used to work as a producer for TV and radio commercials but has been unemployed for nearly four years; he lost two jobs in succession at the start of the crisis.
Attending tonight’s demonstration is Mikalis Simeakis, who used to work as a producer for TV and radio commercials but has been unemployed for nearly four years; he lost two jobs in succession at the start of the crisis.
He tells Emma:
He tells Emma:
“We feel there has been a coup in our country. Tsipras let down everyone. I didn’t vote him but I supported him in the referendum two weeks ago.”
“We feel there has been a coup in our country. Tsipras let down everyone. I didn’t vote him but I supported him in the referendum two weeks ago.”
“You might not see that many people here, because the government has made people think that no matter what they do nothing will change, but it doesn’t mean they want this”
“You might not see that many people here, because the government has made people think that no matter what they do nothing will change, but it doesn’t mean they want this”
“If English people want to leave the EU, we want to leave ten times more.”
“If English people want to leave the EU, we want to leave ten times more.”
7.16pm BST19:16
7.16pm BST
19:16
Watch the bailout debate live (with English translation)
Watch the bailout debate live (with English translation)
Inside parliament, the debate is starting now.
Inside parliament, the debate is starting now.
There’s a livefeed here with an English translation.
There’s a livefeed here with an English translation.
We stream the #Greekment debate in #Greek parliament live w/english interpretation on http://t.co/CihF1INQ1f #Grexit #GreeceCrisis
We stream the #Greekment debate in #Greek parliament live w/english interpretation on http://t.co/CihF1INQ1f #Grexit #GreeceCrisis
7.10pm BST19:10
7.10pm BST
7.08pm BST19:08
19:10
7.08pm BST
19:08
Helena Smith
Helena Smith
Helena Smith is also in the centre of Athens, and reports that there is a “very healthy turnout” at the demo organised by Greece’s Pame communist-affiliated union.
Helena Smith is also in the centre of Athens, and reports that there is a “very healthy turnout” at the demo organised by Greece’s Pame communist-affiliated union.
They are chanting:
They are chanting:
“No to the new memorandum. The wealth belongs to workers”
“No to the new memorandum. The wealth belongs to workers”
There are also a lot of bemused tourists looking on!
There are also a lot of bemused tourists looking on!
Updated at 7.14pm BST
Updated
7.07pm BST19:07
at 7.14pm BST
7.07pm BST
19:07
Emma Graham-Harrison
Emma Graham-Harrison
Emma reports from Athens:
Emma reports from Athens:
The protest tonight seems relatively small, perhaps a few thousand, but police and some protesters appear to have come prepared for clashes.
The protest tonight seems relatively small, perhaps a few thousand, but police and some protesters appear to have come prepared for clashes.
There is a fairly small group of anarchists in black, many with their faces covered or carrying motorbike helmets, at the heart of the protest, and a much heavier riot police presence around the square than for previous protests I’ve been to.
There is a fairly small group of anarchists in black, many with their faces covered or carrying motorbike helmets, at the heart of the protest, and a much heavier riot police presence around the square than for previous protests I’ve been to.
Photographers have all come prepared with helmets and gas masks.
Photographers have all come prepared with helmets and gas masks.
Overall, there’s a carnival atmosphere with music, lots of food stands, many old people as well as the young. The anarchists are a very small minority, she adds.
Overall, there’s a carnival atmosphere with music, lots of food stands, many old people as well as the young. The anarchists are a very small minority, she adds.
7.05pm BST19:05
7.05pm BST
19:05
Emma Graham-Harrison
Emma Graham-Harrison
Here is Melina Kotaki, 71, in front of the Greek parliament with a sign saying “Merkel and Schäuble never again will you fly the Nazi flag on the Acropolis”.
Here is Melina Kotaki, 71, in front of the Greek parliament with a sign saying “Merkel and Schäuble never again will you fly the Nazi flag on the Acropolis”.
Kotaki explains:
Kotaki explains:
“It’s an allegorical reference to what happened in the war. We have a government that doesn’t understand Germany wants to destroy Europe again”
“It’s an allegorical reference to what happened in the war. We have a government that doesn’t understand Germany wants to destroy Europe again”
6.59pm BST18:59
6.59pm BST
18:59
My colleague Emma Graham-Harrison is reporting from tonight’s protests:
My colleague Emma Graham-Harrison is reporting from tonight’s protests:
Evi Linardi, an unemployed French teacher who thinks Greece should leave the EU, told her:
Evi Linardi, an unemployed French teacher who thinks Greece should leave the EU, told her:
“Our life has changed 100 percent. We see poor people sleeping on our doorsteps, hungry and we don’t even have money to help them.
“Our life has changed 100 percent. We see poor people sleeping on our doorsteps, hungry and we don’t even have money to help them.
I haven’t had the heating for four years in winter because I can’t pay the bills.
I haven’t had the heating for four years in winter because I can’t pay the bills.
People who never saw any of Greece’s original loans are now being forced to repay them, she adds.
People who never saw any of Greece’s original loans are now being forced to repay them, she adds.
6.55pm BST18:55
6.55pm BST
18:55
More opposition to the bailout deal in Athens tonight, via Omaira:
More opposition to the bailout deal in Athens tonight, via Omaira:
"No to privatisations. ERT is just the start " #Greece pic.twitter.com/1Y0xxRav4m
"No to privatisations. ERT is just the start " #Greece pic.twitter.com/1Y0xxRav4m
6.48pm BST18:48
6.48pm BST
18:48
Journalist Omaira Gill reports that some of tonight’s protesters are ready, in case the riot police fire tear gas (a familiar sight in 2011 and 2012, but not this year)
Journalist Omaira Gill reports that some of tonight’s protesters are ready, in case the riot police fire tear gas (a familiar sight in 2011 and 2012, but not this year)
It's not looking good. This thing might blow up once the vote passes. Lots of young people with makeshift masks, police in gas masks
It's not looking good. This thing might blow up once the vote passes. Lots of young people with makeshift masks, police in gas masks
Nearly six months ago, the centre of Athens was filled with triumphant Syriza supports after Alexis Tsipras was swept to victory, on a promise to end austerity and negotiate a better deal with creditors.
Nearly six months ago, the centre of Athens was filled with triumphant Syriza supports after Alexis Tsipras was swept to victory, on a promise to end austerity and negotiate a better deal with creditors.
10 days ago, the centre of Athens was filled with triumphant No supporters after Greece gave a loud OXI to its lenders’ demands.
10 days ago, the centre of Athens was filled with triumphant No supporters after Greece gave a loud OXI to its lenders’ demands.
Tonight, the centre of Athens is home to protesters, and riot police, in a depressing reminder of dark days earlier in the debt crisis
Tonight, the centre of Athens is home to protesters, and riot police, in a depressing reminder of dark days earlier in the debt crisis
There’s no sign of trouble yet, but there’s still a hefty police presence.
There’s no sign of trouble yet, but there’s still a hefty police presence.
Again: Riot police comes with austerity in #Greece no matter what the gov is. pic.twitter.com/Tap4M1ysxO pics by @dromografos
Again: Riot police comes with austerity in #Greece no matter what the gov is. pic.twitter.com/Tap4M1ysxO pics by @dromografos
Updated at 6.44pm BST
Updated
6.37pm BST18:37
at 6.44pm BST
6.37pm BST
18:37
New Democracy will back austerity plan
New Democracy will back austerity plan
Helena Smith
Helena Smith
Meanwhile Greece’s main opposition party, New Democracy, has confirmed in its own parliamentary group meeting this afternoon that it will be supporting the multi-bill in tonight’s make or break vote.
Meanwhile Greece’s main opposition party, New Democracy, has confirmed in its own parliamentary group meeting this afternoon that it will be supporting the multi-bill in tonight’s make or break vote.
Our correspondent Helena Smith reports
Our correspondent Helena Smith reports
In what MPs described as their party’s own therapy session today, a New Democracy parliamentary group meeting has concluded with lawmakers saying they will unanimously back the proposed reforms.
In what MPs described as their party’s own therapy session today, a New Democracy parliamentary group meeting has concluded with lawmakers saying they will unanimously back the proposed reforms.
“It’s going to be unanimous. It’s a bad deal but for Greece’s sake, its future in Europe, it has to go through,” said shadow finance minister Anna Asimakopoulou.
“It’s going to be unanimous. It’s a bad deal but for Greece’s sake, its future in Europe, it has to go through,” said shadow finance minister Anna Asimakopoulou.
“The reforms will definitely be passed but I don’t think, even in the best case scenario, we’ll be seeing a deal for several months yet. The European Commission is always off for around three weeks in August. There is going to be uncertainty for some time yet.”
“The reforms will definitely be passed but I don’t think, even in the best case scenario, we’ll be seeing a deal for several months yet. The European Commission is always off for around three weeks in August. There is going to be uncertainty for some time yet.”
The big hope is that at least a degree of normalcy will return with the re-opening of banks. But Asimakopoulou, echoing the view of most economists, said she did not foresee that happening until a deal was eventually struck.
The big hope is that at least a degree of normalcy will return with the re-opening of banks. But Asimakopoulou, echoing the view of most economists, said she did not foresee that happening until a deal was eventually struck.
“They may open for businesses to make transactions but capital controls are not going to be lifted fully for fear of a run on the banks,” she told me.
“They may open for businesses to make transactions but capital controls are not going to be lifted fully for fear of a run on the banks,” she told me.
Economists have expressed concerns of the Greek banking system collapsing overnight if re-opened in an atmosphere where uncertainty continues to prevail.
Economists have expressed concerns of the Greek banking system collapsing overnight if re-opened in an atmosphere where uncertainty continues to prevail.
“Tonight’s vote is crucial for the re-opening of banks,” said Athens University economics professor Panaghiotis Petrakis.
“Tonight’s vote is crucial for the re-opening of banks,” said Athens University economics professor Panaghiotis Petrakis.
“If it goes smoothly I believe banks could open quite soon for certain operations such as services to help enterprises, but not for unlimited withdrawals. There is no money for that.”
“If it goes smoothly I believe banks could open quite soon for certain operations such as services to help enterprises, but not for unlimited withdrawals. There is no money for that.”
6.34pm BST18:34
6.34pm BST
18:34
The latest word from Athens is that the vote will take place before midnight (or 10pm BST), despite attempts to delay until the morning.
The latest word from Athens is that the vote will take place before midnight (or 10pm BST), despite attempts to delay until the morning.
#Syriza Parliament Prez #Konstantopoulou proposed to postpone voting for tomorrow morning, but didn't finally get through.
#Syriza Parliament Prez #Konstantopoulou proposed to postpone voting for tomorrow morning, but didn't finally get through.
6.26pm BST18:26
6.26pm BST
18:26
Here’s a video clip of Greek deputy finance minister, Nadia Valavani, confirming her resignation - and saying she couldn’t support the bailout programme:
Here’s a video clip of Greek deputy finance minister, Nadia Valavani, confirming her resignation - and saying she couldn’t support the bailout programme:
Updated at 6.44pm BST
Updated
6.21pm BST18:21
at 6.44pm BST
6.21pm BST
18:21
Tsipras told MPs: I need your support
Tsipras told MPs: I need your support
Reuters has confirmed that Alexis Tsipras warned his MPs that he’d struggle to stay in power without their support (hard to argue with, really!).
Reuters has confirmed that Alexis Tsipras warned his MPs that he’d struggle to stay in power without their support (hard to argue with, really!).
According to a government official, Tsipras said:
According to a government official, Tsipras said:
“I am prime minister because I have a parliamentary group that supports me. If I do not have its support, it will be difficult to be prime minister the day after.”
“I am prime minister because I have a parliamentary group that supports me. If I do not have its support, it will be difficult to be prime minister the day after.”
6.09pm BST18:09
6.09pm BST
18:09
Members of Syriza’s youth wing are taking part in the protest outside the Greek parliament tonight:
Members of Syriza’s youth wing are taking part in the protest outside the Greek parliament tonight:
Ν Σύριζα pic.twitter.com/rty8OcOur4
Ν Σύριζα pic.twitter.com/rty8OcOur4
6.07pm BST18:07
6.07pm BST
18:07
Riot police are on the streets of Athens tonight, as a group of anti-austerity protesters call on MPs to reject the bailout terms.
Riot police are on the streets of Athens tonight, as a group of anti-austerity protesters call on MPs to reject the bailout terms.
Ongoing protest at #syntagma against new bail-out terms ahead of Parliament Plenary. pic by @dromografos pic.twitter.com/9l6ZsT7D4a #Greece
Ongoing protest at #syntagma against new bail-out terms ahead of Parliament Plenary. pic by @dromografos pic.twitter.com/9l6ZsT7D4a #Greece
Anarchists (in black) show up in front of #Greece Parliament. Tourists watching changing of the guard don't move. pic.twitter.com/Q5giQro9UD
Anarchists (in black) show up in front of #Greece Parliament. Tourists watching changing of the guard don't move. pic.twitter.com/Q5giQro9UD
5.51pm BST17:51
5.51pm BST
17:51
Timing of vote significant: French MPs haven't waited for Greek parliament to pass first raft of measures. #Greece https://t.co/KvkDanrIwy
Timing of vote significant: French MPs haven't waited for Greek parliament to pass first raft of measures. #Greece https://t.co/KvkDanrIwy
5.29pm BST17:29
5.29pm BST
17:29
France's parliament has approved the bailout deal
France's parliament has approved the bailout deal
The French national assembly has voted overwhelmingly in favour of starting negotiations for a third Greek bailout programme:
The French national assembly has voted overwhelmingly in favour of starting negotiations for a third Greek bailout programme:
#DirectAN l'Assemblée s'est prononcée POUR l'accord européen sur #Grece : 412 députés ont voté "pour" ; 69 "contre" et 49 se sont abstenus
#DirectAN l'Assemblée s'est prononcée POUR l'accord européen sur #Grece : 412 députés ont voté "pour" ; 69 "contre" et 49 se sont abstenus
French Prime Minister Manuel Valls told National Assembly that a third programme for #Greece "is not a blank cheque." (@dpa)
French Prime Minister Manuel Valls told National Assembly that a third programme for #Greece "is not a blank cheque." (@dpa)
Updated at 5.32pm BST
Updated
5.27pm BST17:27
at 5.32pm BST
5.27pm BST
17:27
Alexis Tsipras has admitted it will be difficult for him to carry on as prime minister if his own MPs fail to back him:
Alexis Tsipras has admitted it will be difficult for him to carry on as prime minister if his own MPs fail to back him:
Tsipras to Syriza MPs: If I won't have your support [in tonight's vote] it will be hard for me to remain as PM. #Greece #prioractionsbill
Tsipras to Syriza MPs: If I won't have your support [in tonight's vote] it will be hard for me to remain as PM. #Greece #prioractionsbill
5.21pm BST17:21
5.21pm BST
17:21
Greek banks can only re-open once they’ve received fresh capital and central bank funding is guaranteed, according to the ECB’s Andreas Dombret. Bloomberg reports:
Greek banks can only re-open once they’ve received fresh capital and central bank funding is guaranteed, according to the ECB’s Andreas Dombret. Bloomberg reports:
“Firstly, it must be guaranteed that Greek banks will be sufficiently recapitalized within the framework of a new aid program,” Dombret said according to the text of a speech in Munich Wednesday released by Germany’s Bundesbank, where he’s also a member of the board. “Secondly, it must be ensured that there is enough available liquidity, should depositors want to withdraw more money after the opening of the recapitalized banks.”
“Firstly, it must be guaranteed that Greek banks will be sufficiently recapitalized within the framework of a new aid program,” Dombret said according to the text of a speech in Munich Wednesday released by Germany’s Bundesbank, where he’s also a member of the board. “Secondly, it must be ensured that there is enough available liquidity, should depositors want to withdraw more money after the opening of the recapitalized banks.”
Given that negotiations currently taking place in Brussels over the shape of interim financing for Greece have to be concluded before talks on a third bailout package can begin, Dombret’s comments signal that the ECB doesn’t think Greek lenders can re-open imminently.
Given that negotiations currently taking place in Brussels over the shape of interim financing for Greece have to be concluded before talks on a third bailout package can begin, Dombret’s comments signal that the ECB doesn’t think Greek lenders can re-open imminently.
Full story here.
Full story here.
5.17pm BST17:17
5.17pm BST
17:17
The European Commissions assessment of Greece’s bailout signalled the possibility of debt relief and also took a less dramatic view than the IMF of the country’s debt profile.
The European Commissions assessment of Greece’s bailout signalled the possibility of debt relief and also took a less dramatic view than the IMF of the country’s debt profile.
According to Reuters, the commission said Greece’s debt to GDP ratio would be 150% in 2022 if Athens implemented reforms, compared to the 170% forecast by the IMF.
According to Reuters, the commission said Greece’s debt to GDP ratio would be 150% in 2022 if Athens implemented reforms, compared to the 170% forecast by the IMF.
The commission said an extension of maturities of existing and new loans could be possible - depending on reforms - but it ruled out any write-offs.
The commission said an extension of maturities of existing and new loans could be possible - depending on reforms - but it ruled out any write-offs.
Meanwhile more EU states appear to be seeking collateral for any €7bn loan from the EFSM stability fund:
Meanwhile more EU states appear to be seeking collateral for any €7bn loan from the EFSM stability fund:
EU Sources: Germany wants collateral for 7 bn € EFSM credit for #Greece. Future greek EU-budget as collateral. @jandams @MartinGreive
EU Sources: Germany wants collateral for 7 bn € EFSM credit for #Greece. Future greek EU-budget as collateral. @jandams @MartinGreive
EU Sources: Some Euro-States like Ireland and Belgium backing Germany's wish for colleteral. #Greece @jandams @MartinGreive #Handelsblatt
EU Sources: Some Euro-States like Ireland and Belgium backing Germany's wish for colleteral. #Greece @jandams @MartinGreive #Handelsblatt
5.07pm BST17:07
5.07pm BST
17:07
Germany’s Green party apparently passed through Athens earlier to “show solidarity” with Greece, says Emma Graham-Harrison. It is rare for German politicians to be welcome in Syntagma at the moment.
Germany’s Green party apparently passed through Athens earlier to “show solidarity” with Greece, says Emma Graham-Harrison. It is rare for German politicians to be welcome in Syntagma at the moment.
"Here to show solidarity with Greeks": German Green Party gives press conference at #Syntagma Square. v @BoeckingD pic.twitter.com/A2Zz2p3gq7
"Here to show solidarity with Greeks": German Green Party gives press conference at #Syntagma Square. v @BoeckingD pic.twitter.com/A2Zz2p3gq7
5.00pm BST17:00
5.00pm BST
17:00
Of course it is not just the Greek and German parliaments which must approve the deal:
Of course it is not just the Greek and German parliaments which must approve the deal:
Some uncertainties re Greece: Bridge loan, Finnish coalition and Dutch governing VVD still to decide whether to support Greek deal tomorrow
Some uncertainties re Greece: Bridge loan, Finnish coalition and Dutch governing VVD still to decide whether to support Greek deal tomorrow
Also Belgium will debate the Greek deal in its federal Parliament tomorrow, but will not vote http://t.co/hlwnhNb2Es
Also Belgium will debate the Greek deal in its federal Parliament tomorrow, but will not vote http://t.co/hlwnhNb2Es
4.50pm BST16:50
4.50pm BST
16:50
European markets tread water ahead of Greek vote
European markets tread water ahead of Greek vote
Investors were reluctant to take any chances as the Greek parliament prepared to vote on the bailout deal reached after the weekend’s laborious summits. Better than expected Chinese economic growth and talk by US Federal Reserve chair Janet Yellen that US rates could well rise this year had little impact on sentiment. So much so the UK’s leading index ended the day exactly where it started, a pretty unusual occurrence. although other European markets at least managed to edge a little higher. The final scores showed:
Investors were reluctant to take any chances as the Greek parliament prepared to vote on the bailout deal reached after the weekend’s laborious summits. Better than expected Chinese economic growth and talk by US Federal Reserve chair Janet Yellen that US rates could well rise this year had little impact on sentiment. So much so the UK’s leading index ended the day exactly where it started, a pretty unusual occurrence. although other European markets at least managed to edge a little higher. The final scores showed:
Over on Wall Street the Dow Jones Industrial Average is currently 10 points or 0.06% higher.
Over on Wall Street the Dow Jones Industrial Average is currently 10 points or 0.06% higher.
4.40pm BST16:40
4.40pm BST
16:40
Although maybe not:
Although maybe not:
Some Syriza officials say lenders have given them until 6am to hold vote. go figure https://t.co/1LSKiQNIC4
Some Syriza officials say lenders have given them until 6am to hold vote. go figure https://t.co/1LSKiQNIC4
4.35pm BST16:35
4.35pm BST
16:35
And there may be an earlier than usual finish for the vote, given there is a deadline from Greece’s lenders to adhere to:
And there may be an earlier than usual finish for the vote, given there is a deadline from Greece’s lenders to adhere to:
Greek Int Min says vote in Parl should end before midnight (to be in line w deal w lenders). If so, will be 1st pre-midnight vote in a while
Greek Int Min says vote in Parl should end before midnight (to be in line w deal w lenders). If so, will be 1st pre-midnight vote in a while
4.33pm BST16:33
4.33pm BST
16:33
A deal on the bridging loan could be on the way, AFP has heard.
A deal on the bridging loan could be on the way, AFP has heard.
EU 28 right now thrashing out Greece short-term loan details, could go to through by written procedure if no hiccup: source
EU 28 right now thrashing out Greece short-term loan details, could go to through by written procedure if no hiccup: source
4.30pm BST16:30
4.30pm BST
16:30
Yanis annotates the Euro summit agreement - in his own style
Yanis annotates the Euro summit agreement - in his own style
Yanis Varoufakis, the former finance minister, is never one to remain in the background. Now he has annotated the Euro summit document with his own thoughts. Here’s a flavour of what he thinks of the Terms of Greece’s Surrender, as he calls the agreement (his annotations in italics):
Yanis Varoufakis, the former finance minister, is never one to remain in the background. Now he has annotated the Euro summit document with his own thoughts. Here’s a flavour of what he thinks of the Terms of Greece’s Surrender, as he calls the agreement (his annotations in italics):
Given the need to rebuild trust with Greece, the Euro Summit welcomes the commitments of the Greek authorities to legislate without delay a first set of measures [i.e. Greece must subject itself to fiscal waterboarding, even before any financing is offered]. These measures, taken in full prior agreement with the Institutions, will include:
Given the need to rebuild trust with Greece, the Euro Summit welcomes the commitments of the Greek authorities to legislate without delay a first set of measures [i.e. Greece must subject itself to fiscal waterboarding, even before any financing is offered]. These measures, taken in full prior agreement with the Institutions, will include:
Labour market policies should be aligned with international and European best practices, and should not involve a return to past policy settings which are not compatible with the goals of promoting sustainable and inclusive growth [i.e. there should be no mechanisms that waged labour can use to extract better conditions from employers.]
Labour market policies should be aligned with international and European best practices, and should not involve a return to past policy settings which are not compatible with the goals of promoting sustainable and inclusive growth [i.e. there should be no mechanisms that waged labour can use to extract better conditions from employers.]
The Euro Summit stresses that nominal haircuts on the debt cannot be undertaken [N.b. The Syriza government has been suggesting, since January, a moderate debt restructure, with no haircuts, maximizing the expected net present value of Greece’s repayments to creditors’ – which was rejected by the Troika because their aim was, simply, to humiliate Syriza.] Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and in a timely manner [N.b. Which can only happen after a substantial debt restrucuture.]
The Euro Summit stresses that nominal haircuts on the debt cannot be undertaken [N.b. The Syriza government has been suggesting, since January, a moderate debt restructure, with no haircuts, maximizing the expected net present value of Greece’s repayments to creditors’ – which was rejected by the Troika because their aim was, simply, to humiliate Syriza.] Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and in a timely manner [N.b. Which can only happen after a substantial debt restrucuture.]
The full piece is here:
The full piece is here:
The Euro-Summit ‘Agreement’ on Greece – annotated by Yanis Varoufakis
The Euro-Summit ‘Agreement’ on Greece – annotated by Yanis Varoufakis
Updated at 5.03pm BST
Updated
4.04pm BST16:04
at 5.03pm BST
4.04pm BST
16:04
A reminder that the Eurogroup will tomorrow discuss whether Greece has met its commitments after the vote:
A reminder that the Eurogroup will tomorrow discuss whether Greece has met its commitments after the vote:
#Eurogroup teleconference tomorrow 10am to judge whether #Greece has passed all measures to start bailout talks. Also, bridge financing
#Eurogroup teleconference tomorrow 10am to judge whether #Greece has passed all measures to start bailout talks. Also, bridge financing
And of course, the European Central Bank meets tomorrow, with a press conference at lunchtime.
And of course, the European Central Bank meets tomorrow, with a press conference at lunchtime.
3.51pm BST15:51
3.51pm BST
15:51
Here’s something to listen to while we wait for the Greek parliamentary vote - our politics weekly podcast discusses the bailout agreement reached earlier this week.
Here’s something to listen to while we wait for the Greek parliamentary vote - our politics weekly podcast discusses the bailout agreement reached earlier this week.
More from energy minister Panayiotis Lafazanis who will vote against the bailout plans:
More from energy minister Panayiotis Lafazanis who will vote against the bailout plans:
#Greece Energy Min Lafazanis: We support the govt, but we wont vote for the measures of MoU https://t.co/uRsmhC9PDh
#Greece Energy Min Lafazanis: We support the govt, but we wont vote for the measures of MoU https://t.co/uRsmhC9PDh
Which seems a little...confusing.
Which seems a little...confusing.
Updated at 3.43pm BST
Updated
3.23pm BST15:23
at 3.43pm BST
3.23pm BST
15:23
Here’s the embrace between house speaker Zoe Konstantopoulou and Alexis Tsipras which our correspondent Helena Smith referred to earlier.
Here’s the embrace between house speaker Zoe Konstantopoulou and Alexis Tsipras which our correspondent Helena Smith referred to earlier.
Το φιλί του αποχαιρετισμού, το φιλί του Ιούδα ή το φιλί της στήριξης; Φωτογραφία που γράφει ιστορία.. #vouli pic.twitter.com/PGHsAoeRne
Το φιλί του αποχαιρετισμού, το φιλί του Ιούδα ή το φιλί της στήριξης; Φωτογραφία που γράφει ιστορία.. #vouli pic.twitter.com/PGHsAoeRne
3.12pm BST15:12
3.12pm BST
15:12
No ECB decision on liquidity support for Greek banks until after vote - report
No ECB decision on liquidity support for Greek banks until after vote - report
The European Central Bank meets today and tomorrow, and the question of emergency liquidity assistance to Greece’s beleaguered banks is likely to be high on the agenda.
The European Central Bank meets today and tomorrow, and the question of emergency liquidity assistance to Greece’s beleaguered banks is likely to be high on the agenda.
But no decision on the ELA will be made until tomorrow, reports Bloomberg, once the outcome of the Greek parliamentary vote is known. Bloomberg says:
But no decision on the ELA will be made until tomorrow, reports Bloomberg, once the outcome of the Greek parliamentary vote is known. Bloomberg says:
The European Central Bank is awaiting a midnight signal from the Greek parliament before it can grant fresh liquidity to keep the country’s lenders alive.
The European Central Bank is awaiting a midnight signal from the Greek parliament before it can grant fresh liquidity to keep the country’s lenders alive.
At its regular two-day meeting in Frankfurt starting Wednesday, the Governing Council will discuss a Greek banking system that is in limbo after more than two weeks of closure and capital controls, and which the European Commission says is close to collapse. A decision on the level of Emergency Liquidity Assistance for lenders is planned for Thursday, a person familiar with the matter said.
At its regular two-day meeting in Frankfurt starting Wednesday, the Governing Council will discuss a Greek banking system that is in limbo after more than two weeks of closure and capital controls, and which the European Commission says is close to collapse. A decision on the level of Emergency Liquidity Assistance for lenders is planned for Thursday, a person familiar with the matter said.
While the ECB could help by increasing the cap on ELA, it needs assurances that Greece will proceed with a planned bailout program, including repaying debt to the central bank on July 20. The Governing Council meets hours before Greek Prime Minister Alexis Tsipras puts reform measures to his legislature that have sparked a rebellion in his party.
While the ECB could help by increasing the cap on ELA, it needs assurances that Greece will proceed with a planned bailout program, including repaying debt to the central bank on July 20. The Governing Council meets hours before Greek Prime Minister Alexis Tsipras puts reform measures to his legislature that have sparked a rebellion in his party.
Full report here:
Full report here:
ECB Awaits Athens Signal as Greek Banks Held in Limbo
ECB Awaits Athens Signal as Greek Banks Held in Limbo
Updated at 4.13pm BST
Updated
3.05pm BST15:05
at 4.13pm BST
3.05pm BST
15:05
As well as Athens and Germany, there are protests planned in Barcelona too:
As well as Athens and Germany, there are protests planned in Barcelona too:
Solidarity with #Greece protest in #Bareclona today. "NO to Troika". #oxi #mnimonio3 via @PConstituent pic.twitter.com/n7wAEgQcz7
Solidarity with #Greece protest in #Bareclona today. "NO to Troika". #oxi #mnimonio3 via @PConstituent pic.twitter.com/n7wAEgQcz7
2.40pm BST14:40
2.40pm BST
14:40
Helena Smith
Helena Smith
Alexis Tsipras has, it appears, thrown the gauntlet to his own parliamentary group, reports our correspondent Helena Smith.
Alexis Tsipras has, it appears, thrown the gauntlet to his own parliamentary group, reports our correspondent Helena Smith.
Addressing MPs ahead of tonight’s crucial vote, the prime minister said: “Whoever has an alternative [solution] should come and tell me.”
Addressing MPs ahead of tonight’s crucial vote, the prime minister said: “Whoever has an alternative [solution] should come and tell me.”
Tsipras was greeted with rousing applause by the Syriza party MPs in what could be a sign that his appeal for support is working.
Tsipras was greeted with rousing applause by the Syriza party MPs in what could be a sign that his appeal for support is working.
Tellingly, house speaker Zoe Konstantopoulou, one of the party’s loudest critics of austerity, rushed to embrace him as the meeting began.
Tellingly, house speaker Zoe Konstantopoulou, one of the party’s loudest critics of austerity, rushed to embrace him as the meeting began.
The parliamentary session is expected to last several hours as MPs discuss the pros and cons of a deal that, if hard, will at least allow Greece to stand on its feet with secured mid-term financing and the promise of debt relief, government officials say.
The parliamentary session is expected to last several hours as MPs discuss the pros and cons of a deal that, if hard, will at least allow Greece to stand on its feet with secured mid-term financing and the promise of debt relief, government officials say.
The 76-strong parliamentary group of New Democracy, the country’s main opposition party, will also gather shortly. Although the party has said it will vote in favour of the deal there have been voices of dissent from MPs wondering whether the government is at all capable of enforcing the proposed reforms.
The 76-strong parliamentary group of New Democracy, the country’s main opposition party, will also gather shortly. Although the party has said it will vote in favour of the deal there have been voices of dissent from MPs wondering whether the government is at all capable of enforcing the proposed reforms.
2.29pm BST14:29
2.29pm BST
14:29
More intrigue:
More intrigue:
In Facebook post, alternate FinMin #Mardas slams Energy Min #Lafazanis and SYRIZA's pro-drachma camp, says they are "lost in space" #Greece
In Facebook post, alternate FinMin #Mardas slams Energy Min #Lafazanis and SYRIZA's pro-drachma camp, says they are "lost in space" #Greece
#Greece: Varoufakis "chat" w/ #Syriza's left platform leader in Parliament raises questions. Rebellion or diplomacy? https://t.co/F4UHl2SMhn
#Greece: Varoufakis "chat" w/ #Syriza's left platform leader in Parliament raises questions. Rebellion or diplomacy? https://t.co/F4UHl2SMhn
And here is the resignation letter from finance ministry secretary general Manos Manousakis:
And here is the resignation letter from finance ministry secretary general Manos Manousakis:
Η επιστολή παραίτησης μου απο τη θέση του Γενικού Γραμματέα Υπουργείου Οικονομίας: pic.twitter.com/tQTjXiAhhX
Η επιστολή παραίτησης μου απο τη θέση του Γενικού Γραμματέα Υπουργείου Οικονομίας: pic.twitter.com/tQTjXiAhhX
2.12pm BST14:12
2.12pm BST
14:12
Ashifa Kassam
Ashifa Kassam
Spanish prime minister Mariano Rajoy has said he will present the details of latest Greek bailout to Spanish parliament in order to seek approval for the country’s multi-billion euro contribution, writes Ashifa Kassam.
Spanish prime minister Mariano Rajoy has said he will present the details of latest Greek bailout to Spanish parliament in order to seek approval for the country’s multi-billion euro contribution, writes Ashifa Kassam.
“Although this step is not obligatory in our country, it is my intention to bring the deal before parliament for debate and possible approval... because it is a big sum that Spanish taxpayers are being asked to guarantee,” Rajoy told the lower house of parliament on Wednesday.
“Although this step is not obligatory in our country, it is my intention to bring the deal before parliament for debate and possible approval... because it is a big sum that Spanish taxpayers are being asked to guarantee,” Rajoy told the lower house of parliament on Wednesday.
No date was given as to when the debate or vote would take place, but as Rajoy’s conservative People’s party holds a majority in the house, the move is largely symbolic.
No date was given as to when the debate or vote would take place, but as Rajoy’s conservative People’s party holds a majority in the house, the move is largely symbolic.
Rajoy has said that Spain would end up contributing about 12% of Greece’s latest bailout package.
Rajoy has said that Spain would end up contributing about 12% of Greece’s latest bailout package.
His stance was a reversal from two years ago, when Rajoy refused to allow the Spanish bank bailout to be debated in congress, despite requests from the opposition.
His stance was a reversal from two years ago, when Rajoy refused to allow the Spanish bank bailout to be debated in congress, despite requests from the opposition.
His readiness this time around could be rooted in the wide gap in how the agreement is being perceived by Spanish politicians. While Rajoy has praised the latest agreement with Greece and argued that it will create economic growth and employment, opposition parties in Spain have called it a financial coup against Athens and Syriza.
His readiness this time around could be rooted in the wide gap in how the agreement is being perceived by Spanish politicians. While Rajoy has praised the latest agreement with Greece and argued that it will create economic growth and employment, opposition parties in Spain have called it a financial coup against Athens and Syriza.
On Wednesday, in a nod to this difference of opinion, Alberto Garzón of the United Left party gifted Rajoy a copy of John Maynard Keynes’ book “The Economic Consequences of the Peace” during the parliamentary session. Published in 1919, Keynes argues that reparations imposed on Germany in the Treaty of Versailles would lead to Germany’s financial collapse and send political and economic aftershocks across Europe.
On Wednesday, in a nod to this difference of opinion, Alberto Garzón of the United Left party gifted Rajoy a copy of John Maynard Keynes’ book “The Economic Consequences of the Peace” during the parliamentary session. Published in 1919, Keynes argues that reparations imposed on Germany in the Treaty of Versailles would lead to Germany’s financial collapse and send political and economic aftershocks across Europe.
“To Mariano Rajoy,” Garzón wrote on the first page of the book. “With the hope that reason will assert itself in the face of market fundamentalism and give way to a world based on social justice as soon as possible.”
“To Mariano Rajoy,” Garzón wrote on the first page of the book. “With the hope that reason will assert itself in the face of market fundamentalism and give way to a world based on social justice as soon as possible.”
Updated at 2.14pm BST
Updated
2.03pm BST14:03
at 2.14pm BST
2.03pm BST
14:03
A positive sign for the chances of the deal passing in the Greek parliament later:
A positive sign for the chances of the deal passing in the Greek parliament later:
#Greek bailout jumps first hurdle. Parliamentary committees pass deal
#Greek bailout jumps first hurdle. Parliamentary committees pass deal
1.55pm BST13:55
1.55pm BST
13:55
#Syriza parliamentary group now meeting behind closed doors. #Vouli
#Syriza parliamentary group now meeting behind closed doors. #Vouli
1.40pm BST13:40
1.40pm BST
13:40
Federal Reserve chair Janet Yellen has said if the US economy continues to recover as expected, interest rates are likely to rise some time this year.
Federal Reserve chair Janet Yellen has said if the US economy continues to recover as expected, interest rates are likely to rise some time this year.
But in a long speech to Congress, she (briefly) mentions Greece as one of the possible problems which could affect the US economy:
But in a long speech to Congress, she (briefly) mentions Greece as one of the possible problems which could affect the US economy:
Foreign developments, in particular, pose some risks to U.S. growth. Most notably, although the recovery in the euro area appears to have gained a firmer footing, the situation in Greece remains difficult. And China continues to grapple with the challenges posed by high debt, weak property markets, and volatile financial conditions.
Foreign developments, in particular, pose some risks to U.S. growth. Most notably, although the recovery in the euro area appears to have gained a firmer footing, the situation in Greece remains difficult. And China continues to grapple with the challenges posed by high debt, weak property markets, and volatile financial conditions.
Full speech here.
Full speech here.
Updated at 1.40pm BST
Updated
1.22pm BST13:22
at 1.40pm BST
1.22pm BST
13:22
Germany believes extending maturities for Greek debt to 30 years or so is an option as long as it does not “significantly” reduce the value of the debt, Reuters is reporting.
Germany believes extending maturities for Greek debt to 30 years or so is an option as long as it does not “significantly” reduce the value of the debt, Reuters is reporting.
German finance ministry spokesman Martin Jaeger said:
German finance ministry spokesman Martin Jaeger said:
That is certainly an element that one can consider, but it will not be the solution if it leads to a significant reduction in the cash value (of the debt) as then we would in the end have nothing other than a debt haircut via the back door.
That is certainly an element that one can consider, but it will not be the solution if it leads to a significant reduction in the cash value (of the debt) as then we would in the end have nothing other than a debt haircut via the back door.
He confirmed that the IMF assessment of Greece - which suggested a 30-year grace period before it has to start paying off its debts - was known by EU leaders at the weekend’s summits.
He confirmed that the IMF assessment of Greece - which suggested a 30-year grace period before it has to start paying off its debts - was known by EU leaders at the weekend’s summits.
1.12pm BST13:12
1.12pm BST
13:12
Finance ministry general secretary also resigns
Finance ministry general secretary also resigns
Another resignation:
Another resignation:
FinMin secretary general Manos #Manousakis has resigned #Greece
FinMin secretary general Manos #Manousakis has resigned #Greece
And confirmation of a Syriza no vote:
And confirmation of a Syriza no vote:
SYRIZA MP Rachil #Makri: no way I'll vote yes to such a despicable agreement #Greece
SYRIZA MP Rachil #Makri: no way I'll vote yes to such a despicable agreement #Greece
Updated at 2.32pm BST
Updated
1.07pm BST13:07
at 2.32pm BST
1.07pm BST
13:07
Earlier EC vice-president Valdis Dombrovskis gave a breakdown of the €35bn in EU funds available to Greece under the proposed deal to help job creation and economic growth:
Earlier EC vice-president Valdis Dombrovskis gave a breakdown of the €35bn in EU funds available to Greece under the proposed deal to help job creation and economic growth:
And he said that given there were currently no prospects for any bilateral help, the EFSM programme was the best method of providing Greece with short term funding:
And he said that given there were currently no prospects for any bilateral help, the EFSM programme was the best method of providing Greece with short term funding:
...The Commission, responding to the request from the Greek authorities, has proposed to the Council to grant short-term emergency assistance, up to 3 months, from the EFSM and to build the bridge needed until the ESM programme is in place.
...The Commission, responding to the request from the Greek authorities, has proposed to the Council to grant short-term emergency assistance, up to 3 months, from the EFSM and to build the bridge needed until the ESM programme is in place.
The EFSM loans would then be repaid with the money from the ESM disbursements.
The EFSM loans would then be repaid with the money from the ESM disbursements.
This is not an easy option. We are aware of serious concerns of non-Euro area Member States.
This is not an easy option. We are aware of serious concerns of non-Euro area Member States.
We are therefore working on arrangements to protect non-Euro area Member States from any negative financial consequences, should the EFSM loans not be re-paid.
We are therefore working on arrangements to protect non-Euro area Member States from any negative financial consequences, should the EFSM loans not be re-paid.
His full statement is here:
His full statement is here:
New Start for Jobs and Growth in Greece
New Start for Jobs and Growth in Greece
12.53pm BST12:53
12.53pm BST
12:53
Reportedly only around 15 of the Syriza central committee nay-sayers (who now amount to 109 according to the rednotebook link in the tweet below) are MPs. Even so, they are clearly not happy.
Reportedly only around 15 of the Syriza central committee nay-sayers (who now amount to 109 according to the rednotebook link in the tweet below) are MPs. Even so, they are clearly not happy.
108 οut of the 201 members of the Central Committee of #Syriza reject a new MoU, refer to 12 July as a 'coup' day. http://t.co/ThFLsgYGqM
108 οut of the 201 members of the Central Committee of #Syriza reject a new MoU, refer to 12 July as a 'coup' day. http://t.co/ThFLsgYGqM
@GreekAnalyst Less than 15 from those 108 are members of the Parliament.
@GreekAnalyst Less than 15 from those 108 are members of the Parliament.
12.48pm BST12:48
12.48pm BST
12:48
A reminder, that 201 Syriza commitee members is not the same as the number of MPs. Here is our analysis from yesterday on the Greek parliament:
A reminder, that 201 Syriza commitee members is not the same as the number of MPs. Here is our analysis from yesterday on the Greek parliament:
Related: Athens parliament: where do MPs stand over the Greek bailout deal?
Related: Athens parliament: where do MPs stand over the Greek bailout deal?
12.43pm BST12:43
12.43pm BST
12:43
More than half Syriza committee members against deal
More than half Syriza committee members against deal
More signs of possible trouble for Alexis Tsipras successfully getting the debt deal agreed by the Greek parliament:
More signs of possible trouble for Alexis Tsipras successfully getting the debt deal agreed by the Greek parliament:
107 out of 201 Syriza central committee members publish declaration condemning Tsipras' agreement with Eurozone. Now it's getting serious.
107 out of 201 Syriza central committee members publish declaration condemning Tsipras' agreement with Eurozone. Now it's getting serious.
Updated at 12.48pm BST
Updated
12.35pm BST12:35
at 12.48pm BST
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12:35
And the first part of the parliamentary process is over:
And the first part of the parliamentary process is over:
#Greece parl committees debate on prior actions bill is concluded. Plenary session in 3-4 hours.
#Greece parl committees debate on prior actions bill is concluded. Plenary session in 3-4 hours.
12.25pm BST12:25
12.25pm BST
12:25
Former finance minister Yanis Varoufakis has been speaking in the Greek parliament and he is not happy.
Former finance minister Yanis Varoufakis has been speaking in the Greek parliament and he is not happy.
Varoufakis now on Parliament: Everything depends on debt restructure; unfortunately this will be after new program's failure #mnimonio3
Varoufakis now on Parliament: Everything depends on debt restructure; unfortunately this will be after new program's failure #mnimonio3
Former finmin #Varoufakis in Parliament: we are here because the negotiations failed #Greece
Former finmin #Varoufakis in Parliament: we are here because the negotiations failed #Greece
#Varoufakis on Greek deal: What we now have in front of us is a new Versailles treaty #Greece #greekment
#Varoufakis on Greek deal: What we now have in front of us is a new Versailles treaty #Greece #greekment
#Varoufakis is speaking in the parliament, keep referring to Schaeuble as "Dr. Schaeuble" and stressing the "Dr." part. Well, that's new!
#Varoufakis is speaking in the parliament, keep referring to Schaeuble as "Dr. Schaeuble" and stressing the "Dr." part. Well, that's new!
He didn't @damomac So is #Varoufakis a Yes or a No? #vouli Did he spit it out?
He didn't @damomac So is #Varoufakis a Yes or a No? #vouli Did he spit it out?
12.14pm BST12:14
12.14pm BST
12:14
There must be debt relief for Greece - Cameron
There must be debt relief for Greece - Cameron
The UK prime minister has said the IMF is right to call for debt relief for Greece. At prime minister’s question time, David Cameron said:
The UK prime minister has said the IMF is right to call for debt relief for Greece. At prime minister’s question time, David Cameron said:
The principle that there must be debt relief is right. It is in the UK’s interest for the eurozone to resolve how it conducts itself. They need to resolve these issues, and quite fast.
The principle that there must be debt relief is right. It is in the UK’s interest for the eurozone to resolve how it conducts itself. They need to resolve these issues, and quite fast.
Opposition leader Harriet Harman says, with President Putin waiting in the wings, this has wider significance. This is not just about economics.
Opposition leader Harriet Harman says, with President Putin waiting in the wings, this has wider significance. This is not just about economics.
Cameron says Harman is right. It is not for Britain to bail out eurozone countries. But if it left the euro and needed humanitarian assistance, he thinks the Commons would take a different view.
Cameron says Harman is right. It is not for Britain to bail out eurozone countries. But if it left the euro and needed humanitarian assistance, he thinks the Commons would take a different view.
My colleague Andrew Sparrow is live-blogging PMQs:
My colleague Andrew Sparrow is live-blogging PMQs:
Related: Cameron and Harman at PMQs - Politics live
Related: Cameron and Harman at PMQs - Politics live
Updated at 1.59pm BST
Updated
12.12pm BST12:12
at 1.59pm BST
12.12pm BST
12:12
Deputy finance minister resigns over Greek bailout
Deputy finance minister resigns over Greek bailout
It’s official. Nadia Valavani, deputy finance minister, has resigned from Alexis Tsipras’s government just hours before the parliament votes on the bailout package.
It’s official. Nadia Valavani, deputy finance minister, has resigned from Alexis Tsipras’s government just hours before the parliament votes on the bailout package.
As flagged earlier, Valavani has told Tsipras that it is “impossible” for her to keep serving in his government, given the austerity measures he had agreed to.
As flagged earlier, Valavani has told Tsipras that it is “impossible” for her to keep serving in his government, given the austerity measures he had agreed to.
In a letter released by the finance ministry, Valavani warned that Greece faced a “crushing” capitulation at the hands of its creditors in Brussels.
In a letter released by the finance ministry, Valavani warned that Greece faced a “crushing” capitulation at the hands of its creditors in Brussels.
The bailout terms were not a “viable solution” to Greece’s problems, she insisted, warning:
The bailout terms were not a “viable solution” to Greece’s problems, she insisted, warning:
The solution imposed today in such a depressing way is not sustainable for the Greek people and for the country.
The solution imposed today in such a depressing way is not sustainable for the Greek people and for the country.
And this appears to be Valavani’s letter:
And this appears to be Valavani’s letter:
#Greece update: DepFinMin #Valavani resigns. "Agreement is a tombstone", "humiliation of govt and country". Letter pic.twitter.com/N2CmkQzbpO
#Greece update: DepFinMin #Valavani resigns. "Agreement is a tombstone", "humiliation of govt and country". Letter pic.twitter.com/N2CmkQzbpO
11.54am BST11:54
11.54am BST
11:54
Opposition to the bailout in Germany is growing, according to the Bild newspaper, especially among Angela Merkel’s CDU and CSU MPs.
Opposition to the bailout in Germany is growing, according to the Bild newspaper, especially among Angela Merkel’s CDU and CSU MPs.
In a report headlined “Now let US say Oxi”* it quotes a member of the CDU/CSU saying they expected some 50 votes against. It also speaks to a number of MPs who are against the deal.
In a report headlined “Now let US say Oxi”* it quotes a member of the CDU/CSU saying they expected some 50 votes against. It also speaks to a number of MPs who are against the deal.
At the time of the German vote in February on whether to extend the second Greek bailout, 542 MPs voted in favour, 32 against and 13 abstained.
At the time of the German vote in February on whether to extend the second Greek bailout, 542 MPs voted in favour, 32 against and 13 abstained.
The Bild report is here (in German):
The Bild report is here (in German):
Jetzt sagen WIR mal OXI!
Jetzt sagen WIR mal OXI!
*At the risk of stating the obvious, Oxi is of course Greek for No.
*At the risk of stating the obvious, Oxi is of course Greek for No.
Updated at 12.04pm BST
Updated
11.53am BST11:53
at 12.04pm BST
11.53am BST
11:53
Even if a bridging loan is agreed, it won’t cover all Greece’s funding needs.
Even if a bridging loan is agreed, it won’t cover all Greece’s funding needs.
EFSM help for #Greece will be €7bn, short of €12bn needed this next 4 weeks, rest depends on speed of agreeing bailout.
EFSM help for #Greece will be €7bn, short of €12bn needed this next 4 weeks, rest depends on speed of agreeing bailout.
Updated at 11.54am BST
Updated
11.46am BST11:46
at 11.54am BST
11.46am BST
11:46
The 7bn euro EFSM loan for #Greece is up to 3 months says @VDombrovskis. #Greekment
The 7bn euro EFSM loan for #Greece is up to 3 months says @VDombrovskis. #Greekment
11.46am BST11:46
11.46am BST
11:46
Back in Brussels, the Commission has confirmed that it is pushing for Greece’s bridging loan to come from the EFSM:
Back in Brussels, the Commission has confirmed that it is pushing for Greece’s bridging loan to come from the EFSM:
European commission confirms #efsm programme because of "obvious absence of any other solution," says dombrovskis, I.e no bilateral loans.
European commission confirms #efsm programme because of "obvious absence of any other solution," says dombrovskis, I.e no bilateral loans.
Updated at 12.03pm BST
Updated
11.41am BST11:41
at 12.03pm BST
11.41am BST
11:41
Back in Athens, deputy finance minister Nadia Valavani has resigned.
Back in Athens, deputy finance minister Nadia Valavani has resigned.
According to reports, Valavani told Tsipras early on Monday that she couldn’t accept the terms of the bailout.
According to reports, Valavani told Tsipras early on Monday that she couldn’t accept the terms of the bailout.
11.31am BST11:31
11.31am BST
11:31
Britain demands claim on ECB's Greek profits
Britain demands claim on ECB's Greek profits
Heather Stewart
Heather Stewart
George Osborne has demanded that eurozone countries indemnify the Treasury against any losses if Britain is forced to contribute to the €7bn bridging loan for crisis-hit Greece.
George Osborne has demanded that eurozone countries indemnify the Treasury against any losses if Britain is forced to contribute to the €7bn bridging loan for crisis-hit Greece.
As explained earlier, the Commission plans to tap the EU-wide bailout mechanism, the European Financial Stability Mechanism, to meet part of the cost of the bridging loan, putting the UK on the hook for just over 15% of the cost.
As explained earlier, the Commission plans to tap the EU-wide bailout mechanism, the European Financial Stability Mechanism, to meet part of the cost of the bridging loan, putting the UK on the hook for just over 15% of the cost.
That breaks the promise made to David Cameron in 2011 that British taxpayers would not be forced to underwrite eurozone bailouts.
That breaks the promise made to David Cameron in 2011 that British taxpayers would not be forced to underwrite eurozone bailouts.
So the Treasury’s solution is to push for the €1.9bn of profits the European Central Bank has made on Greek bonds to be set aside in an account that could be used to compensate non-euro member countries for any losses.
So the Treasury’s solution is to push for the €1.9bn of profits the European Central Bank has made on Greek bonds to be set aside in an account that could be used to compensate non-euro member countries for any losses.
Greek’s embattled Syriza government had previously hoped to tap into that pot of money itself, but it could now allow Britain to drop its objections, and argue that its pledge hadn’t been broken.
Greek’s embattled Syriza government had previously hoped to tap into that pot of money itself, but it could now allow Britain to drop its objections, and argue that its pledge hadn’t been broken.
As a Treasury insider put it:
As a Treasury insider put it:
“this would be strengthening that promise, by giving it legal form”.
“this would be strengthening that promise, by giving it legal form”.
11.22am BST11:22
11.22am BST
11:22
Our data editor Alberto Nardelli has drawn out the key points from the IMF’s latest Greek debt sustainability analysis:
Our data editor Alberto Nardelli has drawn out the key points from the IMF’s latest Greek debt sustainability analysis:
Related: The IMF position on Greece – explained
Related: The IMF position on Greece – explained
11.06am BST11:06
11.06am BST
11:06
Photos: Protests in Athens
Photos: Protests in Athens
Protesters are marching in Athens against the new austerity measures which parliament will vote on tonight.
Protesters are marching in Athens against the new austerity measures which parliament will vote on tonight.
The main public sector union ADEDY has also called a 24-hour strike today, to urge MPs not to back this third bailout:
The main public sector union ADEDY has also called a 24-hour strike today, to urge MPs not to back this third bailout:
Ongoing protest at #syntagma: banner: "My pension is 201€. #Greece is hungry, you scums. We can't sleep anymore" pic.twitter.com/gIEOwZC80I
Ongoing protest at #syntagma: banner: "My pension is 201€. #Greece is hungry, you scums. We can't sleep anymore" pic.twitter.com/gIEOwZC80I
Riot police standing by in Syntagma Square as protestors gather #Greece #GreeceCrisis pic.twitter.com/IhjMeLcnT1
Riot police standing by in Syntagma Square as protestors gather #Greece #GreeceCrisis pic.twitter.com/IhjMeLcnT1
10.46am BST10:46
10.46am BST
10:46
The European Commission is on a collision course with non-eurozone EU members, after proposing giving Greece a €7bn bridge loan to cover its financial obligations this month.
The European Commission is on a collision course with non-eurozone EU members, after proposing giving Greece a €7bn bridge loan to cover its financial obligations this month.
A document seen by Reuters shows that the money would come from the EU-wide European Financial Stability Mechanism (EFSM), despite strong lobbying yesterday by several countries including Britain.
A document seen by Reuters shows that the money would come from the EU-wide European Financial Stability Mechanism (EFSM), despite strong lobbying yesterday by several countries including Britain.
Prime minister David Cameron won a commitment in 2011 that the EFSM wouldn’t be used for eurozone bailouts. EU lawyers, though, appears to have concluded this was a political pledge - therefore breakable, given the urgency to make sure Greece doesn’t default on its repayments to the ECB.
Prime minister David Cameron won a commitment in 2011 that the EFSM wouldn’t be used for eurozone bailouts. EU lawyers, though, appears to have concluded this was a political pledge - therefore breakable, given the urgency to make sure Greece doesn’t default on its repayments to the ECB.
@EU_Commission : the provision of EU assistance to Greece under the #EFSM would safeguard financial stability in the Union and in the €-area
@EU_Commission : the provision of EU assistance to Greece under the #EFSM would safeguard financial stability in the Union and in the €-area
Reuters reports that the EFSM would raise the money from the private sector, and be repaid in three months (once Greece’s new bailout is agreed). So taxpapers wouldn’t actually stump up cash - unless the bailout deal collapses, taking the bridging loan with it....
Reuters reports that the EFSM would raise the money from the private sector, and be repaid in three months (once Greece’s new bailout is agreed). So taxpapers wouldn’t actually stump up cash - unless the bailout deal collapses, taking the bridging loan with it....
And there are rumours swirling of a face-saving climbdown.
And there are rumours swirling of a face-saving climbdown.
Sounds like #UK may be backing down on using EFSM for #Greece bridge financing if #eurozone provides some sort of collateral/guarantee.
Sounds like #UK may be backing down on using EFSM for #Greece bridge financing if #eurozone provides some sort of collateral/guarantee.
Updated at 10.47am BST
Updated
10.32am BST10:32
at 10.47am BST
10.32am BST
10:32
Greek deal causes ructions in Germany
Greek deal causes ructions in Germany
Josie Le Blond
Josie Le Blond
Last night, German finance minister Wolfgang Schäuble cast doubt on German commitment to the Greek deal by saying he still believed in his temporary Grexit plan and claiming many in the German government shared his view.
Last night, German finance minister Wolfgang Schäuble cast doubt on German commitment to the Greek deal by saying he still believed in his temporary Grexit plan and claiming many in the German government shared his view.
The embattled minister told journalists after a meeting of EU finance ministers in Brussels on Tuesday night that:
The embattled minister told journalists after a meeting of EU finance ministers in Brussels on Tuesday night that:
“There are a lot of people, also in the German government, who are fairly convinced that in the interests of Greece and the Greek people the [Grexit plan] would be the better option.”
“There are a lot of people, also in the German government, who are fairly convinced that in the interests of Greece and the Greek people the [Grexit plan] would be the better option.”
But despite insisting otherwise, Schäuble is looking increasingly isolated. Chancellor Angela Merkel’s coalition partners the SPD have demanded she rein him in. “[Merkel] has to deal with her finance minister,” the party’s vice chairman Ralf Stegner told Der Spiegel.
But despite insisting otherwise, Schäuble is looking increasingly isolated. Chancellor Angela Merkel’s coalition partners the SPD have demanded she rein him in. “[Merkel] has to deal with her finance minister,” the party’s vice chairman Ralf Stegner told Der Spiegel.
“The deal agreed at the weekend ultimately applies to the whole government.”
“The deal agreed at the weekend ultimately applies to the whole government.”
Meanwhile US Treasury Secretary Jacob Lew is flying to Frankfurt for emergency talks with European Central Bank President Mario Draghi. Tomorrow he will meet Schäuble in Berlin. In a statement the Treasury has said the purpose of the trip is “to continue engagement with European counterparts on the ongoing situation in Greece.” Lew was quick to welcome Monday’s deal and is thought to be engaged in a last ditch attempt to save it.
Meanwhile US Treasury Secretary Jacob Lew is flying to Frankfurt for emergency talks with European Central Bank President Mario Draghi. Tomorrow he will meet Schäuble in Berlin. In a statement the Treasury has said the purpose of the trip is “to continue engagement with European counterparts on the ongoing situation in Greece.” Lew was quick to welcome Monday’s deal and is thought to be engaged in a last ditch attempt to save it.
And anti-austerity protests are planned tonight across Germany to show solidarity with the Greeks.Thousands are expected to gather in Berlin, Bremen, Frankfurt, Hamburg, Kassel, Koblenz, Kiel, Regensburg, Stuttgart and Dortmund as the Greek parliament debates the deal ahead of tonight’s crucial vote.
And anti-austerity protests are planned tonight across Germany to show solidarity with the Greeks.Thousands are expected to gather in Berlin, Bremen, Frankfurt, Hamburg, Kassel, Koblenz, Kiel, Regensburg, Stuttgart and Dortmund as the Greek parliament debates the deal ahead of tonight’s crucial vote.
On the Facebook group for the Berlin event, demo organisers Blockupy put out a call to those:
On the Facebook group for the Berlin event, demo organisers Blockupy put out a call to those:
“on the side of all in Europe who fear a German Europe, who don’t want a German government of oppression on their doorsteps, in their neighbourhoods, in their parliaments.”
“on the side of all in Europe who fear a German Europe, who don’t want a German government of oppression on their doorsteps, in their neighbourhoods, in their parliaments.”
10.14am BST10:14
10.14am BST
10:14
The Greek parliamentary speaker, Zoe Konstantopoulou, has urged MPs to stand up and show defiance against the country’s lenders.
The Greek parliamentary speaker, Zoe Konstantopoulou, has urged MPs to stand up and show defiance against the country’s lenders.
She told today’s debate that:
She told today’s debate that:
“Via blackmail that is directed at the prime minister, the government and the parliament, they are aiming to realise policies that the prime minister - who I respect greatly …has himself [opposed].
“Via blackmail that is directed at the prime minister, the government and the parliament, they are aiming to realise policies that the prime minister - who I respect greatly …has himself [opposed].
Parliament should not complete this blackmail, it should not accept the blackmail being directed at the government.”
Parliament should not complete this blackmail, it should not accept the blackmail being directed at the government.”
(thanks to Helena Smith in Athens for the quotes)
(thanks to Helena Smith in Athens for the quotes)
Konstantopoulou is also furious that such a vital piece of legislation is being rattled through parliament at lightning speed, with no time for serious debate or analysis. Not that Greek MPs are invited to make changes to the plan.
Konstantopoulou is also furious that such a vital piece of legislation is being rattled through parliament at lightning speed, with no time for serious debate or analysis. Not that Greek MPs are invited to make changes to the plan.
New Hero of Greek Democracy President of GR parlament Zoe Konstantopoulou NO TO BLACKMAIL OF #Merkel #ThisIsACoup pic.twitter.com/Ko7lqL3gCi
New Hero of Greek Democracy President of GR parlament Zoe Konstantopoulou NO TO BLACKMAIL OF #Merkel #ThisIsACoup pic.twitter.com/Ko7lqL3gCi
At the request of Tsipras, Konstantopoulou will not be presiding over tonight’s vote.
At the request of Tsipras, Konstantopoulou will not be presiding over tonight’s vote.
Updated at 10.59am BST
Updated
10.00am BST10:00
at 10.59am BST
10.00am BST
10:00
Tsakalotos: Time will tell if the deal's viable
Tsakalotos: Time will tell if the deal's viable
Euclid Tsakalotos, Greece’s new-ish finance minister, has opened the debate in Athens.
Euclid Tsakalotos, Greece’s new-ish finance minister, has opened the debate in Athens.
He didn’t sugar the pill, telling MPs that many of the measures in the bailout bill will be recessionary.
He didn’t sugar the pill, telling MPs that many of the measures in the bailout bill will be recessionary.
But the upside is that it preserves Greece’s place in the eurozone, so investment can flow back into the country.
But the upside is that it preserves Greece’s place in the eurozone, so investment can flow back into the country.
“It’s a difficult deal, a deal for which only time will show if it is economically viable.”
“It’s a difficult deal, a deal for which only time will show if it is economically viable.”
Greek FM #Tsakalotos: It's a tough deal - Only time will tell if it is economically viable #Greece #greekment
Greek FM #Tsakalotos: It's a tough deal - Only time will tell if it is economically viable #Greece #greekment
9.38am BST09:38
9.38am BST
09:38
For Tsipras, 40 is the magic number
For Tsipras, 40 is the magic number
Helena Smith
Helena Smith
Greece’s immediate future will rest on whether Alexis Tsipras, the embattled prime minister, can manage to persuade enough MPs to swallow the bitter pill of austerity and give their backing to reforms that even he has no belief in.
Greece’s immediate future will rest on whether Alexis Tsipras, the embattled prime minister, can manage to persuade enough MPs to swallow the bitter pill of austerity and give their backing to reforms that even he has no belief in.
Failure to keep defections below 40 (and the number of mutinous MPs appears to be growing) could trigger unforeseen events. “It is absolutely essential that defections are kept below 40,” said the prominent political commentator Alexis Papahelas.
Failure to keep defections below 40 (and the number of mutinous MPs appears to be growing) could trigger unforeseen events. “It is absolutely essential that defections are kept below 40,” said the prominent political commentator Alexis Papahelas.
Above that, he said, and the country could possibly become ungovernable.
Above that, he said, and the country could possibly become ungovernable.
Tsipras is hoping that a wide-ranging reshuffle immediately after the vote will inject his cabinet with renewed life. In that scenario (by far the best for the leftist-led government) four ministers, who have spoken openly against the terms of the latest bailout programme, would leave office. At least three others, including the labour minister Panos Skourletis, a close Tsipras ally, would be moved to other posts.
Tsipras is hoping that a wide-ranging reshuffle immediately after the vote will inject his cabinet with renewed life. In that scenario (by far the best for the leftist-led government) four ministers, who have spoken openly against the terms of the latest bailout programme, would leave office. At least three others, including the labour minister Panos Skourletis, a close Tsipras ally, would be moved to other posts.
If the vote produces a shock result, with losses much greater than anyone expected, a caretaker government will almost certainly have to assume office before the country goes to fresh elections in the early fall. Neither scenario, at this point, can be ruled out.
If the vote produces a shock result, with losses much greater than anyone expected, a caretaker government will almost certainly have to assume office before the country goes to fresh elections in the early fall. Neither scenario, at this point, can be ruled out.
But Syriza, a coalition of groups from the radical left, is a party that works to the tune of collectivity– fierce debate and disagreement is nothing new and is in fact heartily encouraged. What is more important, say Syriza cadres, is that the leftist project takes hold of Greece long-term. “The agreement is hard, very hard, but the alternative is a march into the unknown with all the possible and eventual catastrophes for society and the economy,” Greece’s pre-eminent sociologist, Konstantine Tsoukalas, told me.
But Syriza, a coalition of groups from the radical left, is a party that works to the tune of collectivity– fierce debate and disagreement is nothing new and is in fact heartily encouraged. What is more important, say Syriza cadres, is that the leftist project takes hold of Greece long-term. “The agreement is hard, very hard, but the alternative is a march into the unknown with all the possible and eventual catastrophes for society and the economy,” Greece’s pre-eminent sociologist, Konstantine Tsoukalas, told me.
Tsoukalas, an honorary state MP with Syriza, added:
Tsoukalas, an honorary state MP with Syriza, added:
“The agreement is a provisional set-back that at some point will be re-negotiated, it is a bid for time.”
“The agreement is a provisional set-back that at some point will be re-negotiated, it is a bid for time.”
In the name of keeping Syriza in power, MPs may ultimately given the prime minister the support he wants tonight.
In the name of keeping Syriza in power, MPs may ultimately given the prime minister the support he wants tonight.
As party’s spokeswoman Rania Svigou explains:
As party’s spokeswoman Rania Svigou explains:
“For us, unity is what is needed to confront every difficulty and I want to believe that it will in the immediate future.”
“For us, unity is what is needed to confront every difficulty and I want to believe that it will in the immediate future.”
9.27am BST09:27
9.27am BST
09:27
The debate is underway in the Athens Parliament -- it’s being streamed live here.
The debate is underway in the Athens Parliament -- it’s being streamed live here.
9.26am BST09:26
9.26am BST
09:26
Despite George Osborne’s best efforts, it appears that UK taxpayers could help fund a bridging loan to Greece.
Despite George Osborne’s best efforts, it appears that UK taxpayers could help fund a bridging loan to Greece.
The FT’s Peter Spiegel reports that the Commission has formally proposed using the European Financial Stabilisation Mechanism — funded by all 28 EU members — to fund Greece’s immediate funding needs.
The FT’s Peter Spiegel reports that the Commission has formally proposed using the European Financial Stabilisation Mechanism — funded by all 28 EU members — to fund Greece’s immediate funding needs.
#EU official: @EU_Commission has sent formal plan to use #EU-wide EFSM for #Greece bridge financing needs. Can #UK garner allies to block?
#EU official: @EU_Commission has sent formal plan to use #EU-wide EFSM for #Greece bridge financing needs. Can #UK garner allies to block?
That’s going to enrage the Treasury - yesterday, George Osborne declared that the idea was a “complete non-starter”.
That’s going to enrage the Treasury - yesterday, George Osborne declared that the idea was a “complete non-starter”.
9.16am BST09:16
9.16am BST
09:16
France salutes IMF over debt relief call
France salutes IMF over debt relief call
The International Monetary Fund’s new debt sustainability analysis has been warmly welcomed in Paris.
The International Monetary Fund’s new debt sustainability analysis has been warmly welcomed in Paris.
Finance minister Michel Sapin told BFM TV that his government already realises that Greece needs deeper debt relief.
Finance minister Michel Sapin told BFM TV that his government already realises that Greece needs deeper debt relief.
“The IMF is saying the same thing as we are ... we cannot help Greece if we maintain the same debt reimbursement burden on the Greek economy.”
“The IMF is saying the same thing as we are ... we cannot help Greece if we maintain the same debt reimbursement burden on the Greek economy.”
Sapin added that the IMF was calling for debt relief but not an outright haircut, Reuters adds.
Sapin added that the IMF was calling for debt relief but not an outright haircut, Reuters adds.
That’s true, up to a point. The Fund does suggest that Greece needs 30-year extensions on loan repayments.
That’s true, up to a point. The Fund does suggest that Greece needs 30-year extensions on loan repayments.
But it also identifies two other options:
But it also identifies two other options:
8.59am BST08:59
8.59am BST
08:59
The Greek finance ministry has extended the country’s bank holiday again, until close of business on Thursday.
The Greek finance ministry has extended the country’s bank holiday again, until close of business on Thursday.
In reality, they’ll stay shut until the ECB provides more emergency liquidity.
In reality, they’ll stay shut until the ECB provides more emergency liquidity.
8.52am BST08:52
8.52am BST
08:52
Anti-austerity protests in Thessaloniki ahead of the vote
Anti-austerity protests in Thessaloniki ahead of the vote
Protests are taking place in Thessaloniki this morning, against the bailout measures which the Athens parliament will vote on tonight.
Protests are taking place in Thessaloniki this morning, against the bailout measures which the Athens parliament will vote on tonight.
They’ve hung a large poster on a government ministry.
They’ve hung a large poster on a government ministry.
It shows a picture of Tsipras alongside his predecessors, George Papandreou and Antonis Samaras, whose austerity programmes he’d vowed to overturn.
It shows a picture of Tsipras alongside his predecessors, George Papandreou and Antonis Samaras, whose austerity programmes he’d vowed to overturn.
It reads:
It reads:
“1st memorandum, 2nd memorandum, 3rd memorandum, we bled enough, we paid enough.
“1st memorandum, 2nd memorandum, 3rd memorandum, we bled enough, we paid enough.
People take the matters in your own hands, blockade to the new measures and perpetual memorandums”.
People take the matters in your own hands, blockade to the new measures and perpetual memorandums”.
8.44am BST08:44
8.44am BST
08:44
Patrick Kingsley
Patrick Kingsley
Thessaloniki was the city where Syriza formally promised last September to end austerity if elected, in a manifesto known as the Thessaloniki programme.
Thessaloniki was the city where Syriza formally promised last September to end austerity if elected, in a manifesto known as the Thessaloniki programme.
Today the city’s Syriza activists are wondering what happened to it, and whether or not they should stand by their leader.
Today the city’s Syriza activists are wondering what happened to it, and whether or not they should stand by their leader.
“We must not leave Syriza now,” says Giorgos Kiritsis, a former parliamentary candidate for Syriza, shortly before a major meeting of the party’s local branch.
“We must not leave Syriza now,” says Giorgos Kiritsis, a former parliamentary candidate for Syriza, shortly before a major meeting of the party’s local branch.
“We must remain – to bring Syriza back to our side. If we lose the internal battle, then we should leave. But not before.”
“We must remain – to bring Syriza back to our side. If we lose the internal battle, then we should leave. But not before.”
Fighting that battle means rejecting the ‘third memorandum’, and holding new elections, he initially says.
Fighting that battle means rejecting the ‘third memorandum’, and holding new elections, he initially says.
“This memorandum is incompatible with a party of the left. I think new elections should happen and we will have a new party.”
“This memorandum is incompatible with a party of the left. I think new elections should happen and we will have a new party.”
His colleague, Georgos Archontopoulos, a local union leader and another former Syriza candidate, interjects. Would new elections achieve a new result? “Many people who vote for Syriza also voted no in the referendum,” Archontopoulos says.
His colleague, Georgos Archontopoulos, a local union leader and another former Syriza candidate, interjects. Would new elections achieve a new result? “Many people who vote for Syriza also voted no in the referendum,” Archontopoulos says.
“But they don’t want Grexit and they want Syriza to continue because they trust them to manage things better than the neo-liberals.”
“But they don’t want Grexit and they want Syriza to continue because they trust them to manage things better than the neo-liberals.”
So Kiritsis has a re-think, and concludes.
So Kiritsis has a re-think, and concludes.
“It would be better not to go to election but for Tsipras to reshuffle the government. Throw out the neoliberal people who have a negative effect on the prime minister, and have a government of the pure left.”
“It would be better not to go to election but for Tsipras to reshuffle the government. Throw out the neoliberal people who have a negative effect on the prime minister, and have a government of the pure left.”
8.37am BST08:37
8.37am BST
08:37
Greece’s deputy PM, Yannis Dragasakis, has credited Washington with helping to get an agreement with creditors which includes a commitment to consider debt relief:
Greece’s deputy PM, Yannis Dragasakis, has credited Washington with helping to get an agreement with creditors which includes a commitment to consider debt relief:
Speaking before tonight’s vote, Dragasakis said:
Speaking before tonight’s vote, Dragasakis said:
“I have to publicly thank the U.S. government and Mr.(President Barack) Obama as without their help and persistence that the deal has to include the debt issue and development horizon we might have not succeeded,”
“I have to publicly thank the U.S. government and Mr.(President Barack) Obama as without their help and persistence that the deal has to include the debt issue and development horizon we might have not succeeded,”
*DRAGASAKIS SAYS AGREEMENT WASN'T A DEFEAT FOR GREECE
*DRAGASAKIS SAYS AGREEMENT WASN'T A DEFEAT FOR GREECE
8.14am BST08:14
8.14am BST
08:14
Economists don’t agree on much, but there’s a strong consensus that the Greek bailout plan is badly flawed:
Economists don’t agree on much, but there’s a strong consensus that the Greek bailout plan is badly flawed:
Noone thinks the Greek prog will stay on track. Not IMF, not Tsipras, not Schaüble, not anyone. They must all love Brussels nights.
Noone thinks the Greek prog will stay on track. Not IMF, not Tsipras, not Schaüble, not anyone. They must all love Brussels nights.
Economic reality, highlighted by #IMF, collides with political reality in #Germany. Now Greek voters know they’ve been offered a bandaid
Economic reality, highlighted by #IMF, collides with political reality in #Germany. Now Greek voters know they’ve been offered a bandaid
And Marc Ostwald of ADM Investor Services has dubbed it a “preposterous bail-out package”.
And Marc Ostwald of ADM Investor Services has dubbed it a “preposterous bail-out package”.
8.11am BST08:11
8.11am BST
08:11
The deal that no one believed in Tsipras: ‘bad agreement’ Schäuble: ‘many’ would prefer Grexit IMF: doubts Greece or Europe will do enough
The deal that no one believed in Tsipras: ‘bad agreement’ Schäuble: ‘many’ would prefer Grexit IMF: doubts Greece or Europe will do enough
8.10am BST08:10
8.10am BST
08:10
The IMF’s incendiary new debt sustainability analysis was sent to EU authorities at the weekend.
The IMF’s incendiary new debt sustainability analysis was sent to EU authorities at the weekend.
That means that the main players should have been fully briefed when they signed off on the Greek plan. So either they were wilfully obtuse, or they believe the debt relief issue can be tackled.
That means that the main players should have been fully briefed when they signed off on the Greek plan. So either they were wilfully obtuse, or they believe the debt relief issue can be tackled.
Two points on IMF's Greek DSA: eurozone had it at weekend but still did deal; Germany et al insisted on IMF continued involvement.
Two points on IMF's Greek DSA: eurozone had it at weekend but still did deal; Germany et al insisted on IMF continued involvement.
More to the point that this IMF DSA is no insurmountable obstacle imo. https://t.co/FN8J16jEEG
More to the point that this IMF DSA is no insurmountable obstacle imo. https://t.co/FN8J16jEEG
8.04am BST08:04
8.04am BST
08:04
Syriza: IMF and EU are split over Greece
Syriza: IMF and EU are split over Greece
Sean Farrell
Sean Farrell
Marina Prentoulis, Syriza’s representative in the UK, has welcomed the IMF’s warning yesterday that Greece needs deep debt relief, much more than Europe has admitted.
Marina Prentoulis, Syriza’s representative in the UK, has welcomed the IMF’s warning yesterday that Greece needs deep debt relief, much more than Europe has admitted.
Interviewed on Radio 4’s Today programme, she pointed out that Alexis Tsipras had been calling for debt relief for months.
Interviewed on Radio 4’s Today programme, she pointed out that Alexis Tsipras had been calling for debt relief for months.
All the time, the other side... they don’t want to discuss the debt. They still don’t want to discuss the debt. We know it’s urgent that someone will take care of that. I’m very sorry not only for Greece but the European Union and the eurozone and somebody has to react.”
All the time, the other side... they don’t want to discuss the debt. They still don’t want to discuss the debt. We know it’s urgent that someone will take care of that. I’m very sorry not only for Greece but the European Union and the eurozone and somebody has to react.”
Is it encouraging that the IMF has broken ranks?
Is it encouraging that the IMF has broken ranks?
“I think so. We have to remember that for these measures that we are discussing... the IMF will be part of that. They have to agree, still. There are still negotiations going on.
“I think so. We have to remember that for these measures that we are discussing... the IMF will be part of that. They have to agree, still. There are still negotiations going on.
We see a split between the IMF and the European Union. We hope the people of Europe will realise what games they have been playing in the case of Greece and Europe as well. They have been [effectively] lying to us, all the people of Europe, all this time.”
We see a split between the IMF and the European Union. We hope the people of Europe will realise what games they have been playing in the case of Greece and Europe as well. They have been [effectively] lying to us, all the people of Europe, all this time.”
Does this a sea change making debt relief likely?
Does this a sea change making debt relief likely?
We hope this is going to happen.”
We hope this is going to happen.”
Prentoulis added that Greece isn’t the only eurozone country faces deep debt problems - Syriza want reform of the eurozone so those problems can be dealt with.
Prentoulis added that Greece isn’t the only eurozone country faces deep debt problems - Syriza want reform of the eurozone so those problems can be dealt with.
Updated at 8.24am BST
Updated
7.57am BST07:57
at 8.24am BST
7.51am BST
07:51
Introduction: Greek MPs to vote on bailout plan tonight
Introduction: Greek MPs to vote on bailout plan tonight
Good morning, and welcome to our rolling coverage of the Greek crisis.
Good morning, and welcome to our rolling coverage of the Greek crisis.
There are two things in the world you never want to let people see how you make ‘em - laws and sausages.
There are two things in the world you never want to let people see how you make ‘em - laws and sausages.
And even the most dubious pork emporium might baulk at serving up some of the gristle that Greek MPs will have to swallow tonight, in a bid for that third bailout.
And even the most dubious pork emporium might baulk at serving up some of the gristle that Greek MPs will have to swallow tonight, in a bid for that third bailout.
Last night, prime minister Alexis Tsipras admitted that it was a bad deal – but the best that was available to him at the Brussels summit. As we covered in last night’s blog, Tsipras also pledged not to abandon his post (although if he suffers a massive rebellion, he ti might not be his choice).
Last night, prime minister Alexis Tsipras admitted that it was a bad deal – but the best that was available to him at the Brussels summit. As we covered in last night’s blog, Tsipras also pledged not to abandon his post (although if he suffers a massive rebellion, he ti might not be his choice).
Related: Greek debt crisis: Tsipras vows not to 'abandon ship'; IMF urges massive debt relief - as it happened
Related: Greek debt crisis: Tsipras vows not to 'abandon ship'; IMF urges massive debt relief - as it happened
But the real problem isn’t what went into the Greek sausages, it’s what was left out. Debt relief. And that’s why the International Monetary Fund’s intervention yesterday changes the rules of the game.
But the real problem isn’t what went into the Greek sausages, it’s what was left out. Debt relief. And that’s why the International Monetary Fund’s intervention yesterday changes the rules of the game.
The IMF savaged the deal cooked up in Brussels, warning that the budget surpluses are unrealistic, the growth forecasts are too high.
The IMF savaged the deal cooked up in Brussels, warning that the budget surpluses are unrealistic, the growth forecasts are too high.
So the eurozone must either give Greece 30-years of debt relief or write off some of its debt -- which it thinks will hit 200% of GDP within two years.
So the eurozone must either give Greece 30-years of debt relief or write off some of its debt -- which it thinks will hit 200% of GDP within two years.
#IMF threatens to walk away from Greek bailout deal on concerns debt not sustainable http://t.co/HwdUo4lN3z via @welt pic.twitter.com/rwE0HKElfc
#IMF threatens to walk away from Greek bailout deal on concerns debt not sustainable http://t.co/HwdUo4lN3z via @welt pic.twitter.com/rwE0HKElfc
And the underlying message is that if that doesn’t happen, the Fund probably won’t be around to help any more.
And the underlying message is that if that doesn’t happen, the Fund probably won’t be around to help any more.
Got copy of #IMF DSA update. To me, most interesting thing not lines on debt relief. Tone sends signal they want out of #Greece completely
Got copy of #IMF DSA update. To me, most interesting thing not lines on debt relief. Tone sends signal they want out of #Greece completely
So, lots for Greek MPs to digest as they plough through the tax rises, pension cuts, labour market reforms, industry deregulation demanded by creditors.
So, lots for Greek MPs to digest as they plough through the tax rises, pension cuts, labour market reforms, industry deregulation demanded by creditors.
The process starts soon, with a vote tonight -- perhaps 10pm Athens (8pm BST).
The process starts soon, with a vote tonight -- perhaps 10pm Athens (8pm BST).
Today sees the Greek parliamentary vote with proposals to be debated at committee level at 0800BST and at Greek parliamentary at 1200BST
Today sees the Greek parliamentary vote with proposals to be debated at committee level at 0800BST and at Greek parliamentary at 1200BST
And while that’s going on, eurozone officials will be struggling to find bridge funding to help Greece meet large debt repayments to the European Central Bank this summer.
And while that’s going on, eurozone officials will be struggling to find bridge funding to help Greece meet large debt repayments to the European Central Bank this summer.
There was something of a row in Brussels yesterday, as non-eurozone members fought efforts to use a European Union-wide fund. The money has to come from somewhere, though.
There was something of a row in Brussels yesterday, as non-eurozone members fought efforts to use a European Union-wide fund. The money has to come from somewhere, though.
We’ll be tracking all the action though the day....
We’ll be tracking all the action though the day....
