×
GreekEnglish

×
  • Politics
  • Diaspora
  • World
  • Lifestyle
  • Travel
  • Culture
  • Sports
  • Cooking
Wednesday
08
Jul 2026
weather symbol
Athens 29°C
  • Home
  • Politics
  • Economy
  • World
  • Diaspora
  • Lifestyle
  • Travel
  • Culture
  • Sports
  • Mediterranean Cooking
  • Weather
Contact follow Protothema:
Powered by Cloudevo
> Economy

Cliffhanger! Do-or-die EU summit for Greece: Deal or chaos?

Last-chance Tuesday - will it be delivery to the promised land or Hell for Hellas, the country were democracy was born?

Newsroom July 7 09:50

Δείτε περισσότερα άρθρα μας στα αποτελέσματα αναζήτησης

Add Protothema.gr on Google

Prime Minister Alexis Tsipras will meet with EU leaders on Tuesday in an attempt to pull a camel through the eye of the needle so that Greece can enter the kingdom of normalcy. The Euro Summit at 7 p.m. on Tuesday is an effort to perceive creditors mood following the Greek referendum where 61% of voters rejected tough bailout reforms presented to Greece by the European Commission, European Central Bank and International Monetary Fund. Now, the future of Greece, is up in the air making the Brussels meeting crucial. The question on everyone’s lips is the following: Will the Radical Left Coalition (SYRIZA) government manage to finally pave the way for an agreement after five months of deadlock?

Tough campaigning for the referendum both within and outside Greece have led many to believe that failure to agree could result in a Grexit, though this notion has also been dismissed as a possible scenario. Furthermore, the Greek side has pledged that this would not be its intent… though the saying goes, that the way to hell is paved with good intentions. Ominous clouds hang over Brussels at the moment with Greeks and European factions aware that they’re nearing the end of their options.

Sunday’s landslide victory rejecting bailout reforms followed by pandemonium and celebration until dawn in the Athens center was like wound to the salt for creditors. Aware of this, Tsipras is careful to use the result to give him power for an honorable and viable solution for Greece rather than to blackmail Greece’s EU partners.

Hence, no sooner did Tsipras receive the popular mandate that makes it clear that the Greek people cannot tolerate further austerity (as if the January 25 elections were not enough), that he:

1) called a council of political leaders to decide on a common framework on which an agreement with creditors should move. The main opposition conservative New Democracy party, centrist Potami and socialist PASOK that championed “Yes” in the referendum were invited to join in an agreement, thus cementing the government’s intent for an agreement with creditors that would allow Greece to remain in the euro.

2) Finance Minister Yanis Varoufakis was removed from his position. “Soon after the announcement of the referendum results, I was made aware of a certain preferency by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reacing an agreement. For this reason I am leaving the Ministry of Finance today,” he wrote on Monday. “I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum.”

>Related articles

Self-employed workers: who qualifies for half-rate tax, reduced advance payments and exemptions

Trump’s Iran rupture rattles markets as stocks slide, oil jumps more than 5.5% and bond yields surge

Pierrakakis at The Economist conference: Europe needs a clear technological strategy

3) Tsipras communicated with European leaders (German Chancellor Angela Merkel etc.) and other factions (ECB Chief Mario Draghi and IMF Chief Christine Lagarde) in order to open the channels of communication with Greece’s partners. French President Francois Hollande and Merkel both said that partners are waiting to hear proposals by the Greek side.

Despite positive developments, the noose is tightening around the Greek economy. The ECB did not increase European Liquidity Assistance to Greek banks, prefering instead to impose tougher ‘haircuts’ on the assets they hand over, restricting their ability to access the funding.

 

Ask me anything

Explore related questions

> More Economy

Follow en.protothema.gr on Google News and be the first to know all the news

See all the latest News from Greece and the World, the moment they happen, at en.protothema.gr

> Latest Stories

The European Parliament recognized, for the first time, the women & girls of Cyprus as victims of the crimes committed during the 1974 Turkish invasion

July 8, 2026

France Is “Ablaze”: The Heat Wave Is Intensifying, and Wildfires Have Burned 78,000 acres

July 8, 2026

Unbelievable response by Erdogan on the Casus Belli: Almost no Turk knows what it is, Let’s not burden our peoples with these issues – Mitsotakis was wrong to follow Netanyahu on the F-35s

July 8, 2026

Russia bans diesel exports to address fuel shortages caused by Ukrainian strikes

July 8, 2026

Horror in the Air: Student pilot in Argentina lands small plane alone after instructor jumps to his death

July 8, 2026

A classified manual reveals how the CIA created stronger and faster people through the power of the mind

July 8, 2026

SYRIZA MP Katerina Notopoulou resigns from Parliament

July 8, 2026

Rutte sidesteps question after Mitsotakis’ remarks on Turkey’s casus belli: “I’m not here to comment, but to…preserve unity”

July 8, 2026
All News

> Greece

In reverence, the emotional deposition in Jerusalem, see photos & video

The Holy Temple of the Resurrection opened after many days due to the war between Israel and Iran

April 10, 2026

In the final stretch for the accreditation of joint master’s degrees: Aiming for their launch in the coming academic year

April 10, 2026

Schedule for Epitaph Procession today (10/4)

April 10, 2026

Perfect weather for Easter excursions, according to Tsatrafyllia’s forecast

April 10, 2026

Easter in Greece: The customs that continue in Greek tradition – From Nafpaktos to Corfu

April 10, 2026
Homepage
PERSONAL DATA PROTECTION POLICY COOKIES POLICY TERM OF USE
Powered by Cloudevo
Copyright © 2026 Πρώτο Θέμα