Key events in Greek bailout crisis since referendum

GMT 18:25 2015 Friday ,17 July

Arab Today, arab today Key events in Greek bailout crisis since referendum

A protester clashes with riot police in front of the Greek Parliament
Athens - AFP

Following is a timeline of events in the Greek crisis from the July 5 referendum on austerity to Friday's thumbs up by German lawmakers to talks on a third bailout.

July 5: Greek voters reject lenders bailout terms, with 61 percent voting 'No' to more austerity, as urged by Prime Minister Alexis Tsipras.

- Tsipras says the vote "is not a mandate of rupture with Europe" but a mandate to pursue a better deal for Greeks.

July 6: The outspoken Yanis Varoufakis resigns as Greek finance minister to ease tensions with eurozone creditors, and is replaced by Euclid Tsakalotos, who has been steering talks with European and International Monetary Fund (IMF) creditors.

- The European Central Bank (ECB) maintains a crucial cash lifeline to Greek banks but with tougher conditions.

July 7: Athens is given until July 9 to present a convincing programme of reforms.

- European Commission head Jean-Claude Juncker says while he hopes Greece remains in the eurozone preparations for a possible "Grexit" have been prepared "in detail".

July 8: Athens formally submits a request for aid from the European Stability Mechanism, the eurozone's bailout fund, offering to launch pension and tax reforms immediately in return for a three-year loan.

July 9: EU Council President Donald Tusk says Greece's creditors must make a "realistic" proposal for managing its debt, while German Chancellor Angela Merkel repeats that she opposes a debt write-down.

- Greece submits a new bailout plan two hours before a midnight deadline.

July 10: Athens details the new proposals, which resemble an earlier offer from lenders that voters rejected in the referendum. They include raising corporate taxes and privatising the ports of Piraeus and Thessaloniki.

July 11: A meeting of eurozone finance ministers ends in deep divisions about whether to grant Greece a third bailout. A German finance ministry document says Berlin wants more concrete commitments from Greece.
July 12: The EU cancels a full 28-nation summit to decide whether Greece should stay in the euro. At a meeting of the smaller 19-member eurozone, German-led fiscal hawks face off against a more lenient camp led by France.

July 13: Greece reaches a third bailout deal with the eurozone after 17 hours of gruelling negotiations. Tsipras agrees to the kind of tough reforms he previously eschewed in return for a three-year bailout worth up to 86 billion euros.

- Juncker says there is no longer any risk of Greece crashing out of the euro, saying "Grexit has gone".

- Merkel warns that Greece and its European partners still face a challenging road ahead to finalise the bailout.

July 15: The IMF says EU creditors will have to go "well beyond" their existing estimates for debt relief given the "dramatic deterioration" in Greece's finances.

July 16: Tsipras manages to get the deeply divisive bailout terms adopted by parliament, despite a mutiny by dozens of ruling party lawmakers and riots in Athens.

- The ECB raises the cap on emergency funding for Greek banks by 900 million euros.

- The Greek government says banks will reopen on July 20 after being closed for three weeks but says restrictions on withdrawals will only be lifted gradually.

July 17: German lawmakers give Chancellor Angela Merkel the green light to negotiate a new bailout deal.

- EU members approve a 7-billion-euro bridging loan for Athens.


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