Greek Prime Minister Alexis Tsipras
has returned to Athens and gone straight into a meeting with Finance
Minister Euclid Tsakalotos and other party officials following marathon
bailout talks in Brussels.
At the talks, eurozone leaders agreed to offer Greece a third bailout.
The bailout is conditional on Greece passing agreed reforms by Wednesday.
Mr Tsipras must now get several unpopular measures through the Greek parliament in the next two days. Bailout deal at a glance
These include measures to streamline pensions, raise tax revenue and liberalise the labour market.
Many Greeks and others who thought that unduly harsh terms were being imposed on Greece have expressed their widespread anger online using the hashtag #ThisIsACoup.
And
Defence Minister Panos Kammenos, whose Independent Greeks party
underpins Mr Tspiras's coalition government, has said he will not
support the agreement - even though he added he would remain in
government.
Mr Tsipras came to power after his left-wing Syriza
party won elections in January on a promise to end austerity. Greece has
already received two bailouts totalling €240bn since 2010.
Greek
banks have been closed for two weeks, with withdrawals at cash machines
limited to €60 per day, and will now remain closed until after
Wednesday. The economy has been put under increasing strain, with some
businesses closing and others struggling to pay suppliers. At the scene: Mark Lobel, BBC News, Athens
Dissatisfaction
runs deep within the Greek government. Senior finance ministry official
Nicholas Theocarakis says the current working plan being put before
parliament will not fix the Greek economy. "It's absolutely certain that
we're moving to a debt colony that will have, as in Latin America, lost
decades," he told the BBC.
Along with many fellow Greeks, the
close ally of former Finance Minister Yanis Varoufakis, blames the
Eurogroup. "They would like to make a point that those who oppose the
toxic policies of austerity eventually will have to pay. That the
refractory hand of labour will be taught docility - to use a 19th
Century expression."
Mr Theocarakis, an Athens University
economics professor, said the reforms sought are misguided. "You have to
be a Freudian psychoanalyst to explain why they [the Eurogroup]
think... the Greek economy will bounce back."
"See how many
pharmacies there are in this place? If you deregulate the pharmacy
business the only thing you will do is create oligopolies." Greek anger at eurozone debt deal Harsh deal leaves European vision tainted Rifts between Europe's superpowers Economic consequences for Greece
Media captionThere have been mixed views on the streets of Athens to the new agreement
'No Grexit'
An EU statement spoke of up to €86bn (£61bn) of financing for Greece over three years.
Though
it included an offer to reschedule Greek debt repayments "if
necessary", there was no provision for the reduction in Greek debt - or
so-called "haircut" - that the Greek government had sought.
Parliaments in several eurozone states also have to approve any new bailout.
"There
will not be a 'Grexit'," said European Commission chief Jean-Claude
Juncker, referring to the fear that if there had been no deal, Greece
could have crashed out of the euro.
Mr Tsipras said that after a "tough battle", Greece had secured debt restructuring and a "growth package".
He also said he had the "belief and the hope that... the possibility of 'Grexit' is in the past".
"The
deal is difficult but we averted the pursuit to move state assets
abroad," he said. "We averted the plan for a financial strangulation and
for the collapse of the banking system."
German Chancellor Angela Merkel said: "The road will be long, and judging by the negotiations tonight, difficult."
French President Francois Hollande said the agreement had allowed Europe to "preserve integrity and solidarity".
Media caption#ThisIsACoup trended worldwide - it started with a movement of left-wing activists in Spain
"We also had to show that Europe is capable of solving a crisis that has menaced the eurozone for several years," he added.
Jeroen
Dijsselbloem, the head of the eurozone group of finance ministers, said
the agreement included a €50bn Greece-based fund that will privatise or
manage Greek assets. Out of that €50bn, €25bn would be used to
recapitalise Greek banks, he said.
Eurozone finance ministers
meeting in Brussels have discussed providing "bridge financing" that
would cover Greece's short-term needs, but have made no final decisions.
Greek debt crisis timeline
26 June: Greece halts talks with creditors and calls referendum on bailout terms
28 June: European Central Bank (ECB) limits emergency funding to Greece; Greece imposes capital controls, forcing banks to stay shut
30 June: Eurozone bailout expires, Greece misses €1.6bn payment to IMF
9 July: Greek Prime Minister Alexis Tsipras presents new proposals to creditors, including measures rejected in referendum
13 July: Eurozone leaders agree to offer Greece third bailout
And looking forward...
15 July: Greek parliament to pass reforms demanded by creditors
16-17 July: Possible votes in eurozone member state parliaments on bailout
20 July: Greece due to make €3.5bn payment to ECB
Are you in Greece? What is your reaction to the latest developments? Email haveyoursay@bbc.co.uk with your story.
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