Greece’s radical left-led government emerged bloodied but alive early Thursday from a key vote in parliament, which overwhelmingly approved new creditor-demanded reforms despite a revolt among hardliners in the main coalition partner.
Greek lawmakers voted overwhelmingly early Thursday to approve a harsh austerity bill demanded by bailout creditors, despite significant dissent from members of Prime Minister Alexis Tsipras’ left-wing party.
After all-night negotiations, Greece and its creditors salvaged a deal Monday that lessens the chance of Athens going bankrupt and needing to exit the 19-nation eurozone currency bloc. But the drama is not over yet.
Marathon talks between Greece and its European creditors ended with a new bailout agreement early Monday, hours after negotiators in Brussels blew through a self-imposed deadline.
The government of Greek Prime Minister Alexis Tsipras submitted a proposal similar to one presented by creditors last month, in a last-ditch effort to keep the country in the euro.
The eurozone has given Greece until Thursday to present new proposals to secure a deal with creditors, and has called a full EU summit for Sunday.
Greek Prime Minister Alexis Tsipras probably has 48 hours to resolve a standoff with creditors before civil unrest breaks out and ATMs run out of cash, hedge fund Balyasny Asset Management said.
Greece lurched into uncharted territory and an uncertain future in Europe’s common currency Sunday after voters overwhelmingly rejected demands by international creditors for more austerity measures in exchange for a bailout of its bankrupt economy.
Greeks voted on Sunday whether to accept or reject the tough terms of an aid offer to stave off financial collapse, in a referendum that may determine their future in Europe’s common currency.
Greece’s last-minute overtures to international creditors for financial aid on Tuesday were not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund.
Banks in Greece and the country’s stock exchange will be shut all week in a sign of the deepening financial crisis.
Greece may yet crash out of the the 19-member bloc, say European ministers, as time is running out on negotiations.
In a 5-4 decision, the U.S. Supreme Court Monday affirmed the freedom of Americans to pray according to their own beliefs at public meetings in the landmark religious freedom case Town of Greece v. Galloway.
Amid a major global financial crisis, Eastern European governments were anxiously awaiting Thursday, January 29, if and when European Union funding will come for the Nabucco pipeline, in hopes of making Europe less dependent on Russian natural gas.
As Israel’s offensive against militants of the Hamas group in the Gaza Strip continued Tuesday, January 6, around the world Arabic leaders, Palestinians and their supporters continued to pressure the Jewish state to end the operation.