Tuesday, July 14, 2015

Greece crisis: what's happened since the referendum


Sunday, July 5
Greece says no

Greek voters reject terms of a bailout proposition with 61.31 per cent voting 'No', boosting Prime Minister Alexis Tsipras, who says the vote "is not a mandate of rupture with Europe, but a mandate that bolsters our negotiating strength to achieve a viable deal".

Monday, July 6
'Rock star' minister quits

Yanis Varoufakis resigns as Greek finance minister to improve relations with Eurozone creditor countries, and is replaced by Euclid Tsakalotos, who has been steering talks with EU and IMF creditors. The European Central Bank maintains a crucial cash lifeline to Greek banks but with tougher conditions.

Tuesday, July 7
Greeks arrive empty-handed

Eurozone finance ministers meet in Brussels ahead of an extraordinary summit of Eurozone heads of state and government. Both meetings end without a detailed proposal from the Greek government. Athens is given until Thursday to present a convincing programme of reforms.

Wednesday, July 8
'Final wake-up call'

Tsipras tells the European Parliament that Greece will in 24 hours submit "credible" plans as EU President Donald Tusk warns MPs: "This is really and truly the final wake-up call for Greece and for us, our last chance." Athens formally submits a request for new aid from the Eurozone's bailout fund, offering to start pension and tax reforms in return for a three-year Eurozone loan.

Thursday, July 9
Better late than never

After German Chancellor Angela Merkel repeats that she opposes a debt write-down, Greece submits a new bailout plan in Brussels - two hours before a midnight deadline.

Friday, July 10
No, but yes

Athens details the new proposals, which closely resemble an offer put forward by Greece's international paymasters last month. In it Greece says it will bow to creditors' demands to discourage early retirement and seek higher health contributions from pensioners, while raising taxes, selling the state's remaining shares in telecoms giant OTE and privatising the ports of Piraeus and Thessaloniki.

Saturday, July 11
Temporary Grexit?

A meeting of Eurozone finance ministers ends with deep divisions about whether to trust Tsipras with a third bailout worth more than 80 billion euros. A German finance ministry document says Berlin wants many more concrete commitments from Greece, failing which Greece should leave the Eurozone for five years until it puts its house in order.

Sunday, July 12
Push comes to shove

The EU cancels a full 28-nation summit in Brussels to decide whether Greece should stay in the euro. Instead, at a summit of the 19 Eurozone leaders, Athens faces demands to push through new reform laws next week.

Monday, July 13

Tusk announces that the Euro summit has reached unanimous agreement on a "programme for Greece with serious reforms & financial support". A seven-page document reveals its terms: sales tax rises and pension cuts, but with a €50bn privatisation to be managed by Greece and with some of the money to be used for growth initiatives. Athens must also overhaul its civil justice system and bring its bank resolution laws in line with the rest of the EU.

Greece is being treated like a hostile occupied state - Telegraph