Arab Today, arab today greek crisis key events since referendum
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Greek crisis, key events since referendum

Arab Today, arab today

Arab Today, arab today Greek crisis, key events since referendum

German Chancellor Angela Merkel
Athens - AFP

 Following is a timeline of events in the Greek crisis since Sunday's referendum:

Sunday, July 5:

- Greek voters reject terms of a bailout proposition with 61.31 percent voting "No", boosting Prime Minister Alexis Tsipras.

- Tsipras says the vote "is not an mandate of rupture with Europe, but a mandate that bolsters our negotiating strength to achieve a viable deal". He warns creditors: "This time, the debt will be on the negotiating table."

Monday, July 6:

- 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 European Union and International Monetary Fund (IMF) creditors.

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

Tuesday, July 7:

- 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.

- European Commission head Jean-Claude Juncker, who had said he is opposed to Greece withdrawing from the 19-nation eurozone, warns that such a scenario has nonetheless now been prepared "in detail".

Wednesday, July 8:

- Tsipras addresses the European Parliament, saying Greece will submit "credible" reform plans on Thursday, and wants to prevent a "divided Europe". His speech draws a mix of boos and cheers from European MPs.

- 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 European Stability Mechanism, the eurozone's bailout fund, offering to start pension and tax reforms next week in return for a three-year eurozone loan.

- French premier Manuel Valls calls the Greek request "balanced, positive". "It shows a real willingness to move forward and reform," he adds.

- Greek banks, closed since June 28, will remain closed until Monday, while withdrawal limits will remain unchanged at 60 euros ($66).

- The ECB leaves its cash lifeline to Greece, known as Emergency Liquidity Assistance (ELA), unchanged at 89 billion euros.

- IMF chief Christine Lagarde says a new bailout would require creditors to restructure Greece's debt.

Thursday, July 9:

- 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 in Brussels two hours before a midnight deadline. It "includes funding of the country's financing needs... for three years, debt adjustment and a front-loaded investment package of 35 billion euros ($38 billion)," a Greek government source says.

Friday, July 10:

- Athens releases a 13-page document detailing 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 corporate, luxury and shipping tax. Greece also pledges to raise sales tax revenue, sell the state's remaining shares in telecoms giant OTE and privatise the ports of Piraeus and Thessaloniki by October.

- The Greek parliament will be asked to authorise new talks on the new bailout offer later in the day, ahead of a Eurogroup meeting on Saturday and a full EU summit the day after.

 

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