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GREECE LATEST-Greek finance ministry sends reform bill to parliament
July 14, 2015 / 7:33 AM / in 2 years

GREECE LATEST-Greek finance ministry sends reform bill to parliament

July 13 (Reuters) - Following is the latest news on Greece’s debt crisis, as Prime Minister Alexis Tsipras races to meet the terms of an unpopular bailout deal. All times are in GMT.


1701 - White House says President Obama has spoken to European leaders and welcomed the Greek deal as a positive step.

1609 - Greek finance ministry submits to parliament a bill, required under Monday’s deal with lenders, that Prime Minister Tsipras must get adopted by Wednesday night. Among other measures, it regulates pension reform and increases in value added tax.

1523 - Greece says it has received three bids for deep sea oil and gas drilling in western Greece and south of the island of Crete.

1503 - Greek PM Tsipras will not resign, and will probably reshuffle the cabinet after parliament votes on the bailout package on Wednesday evening, a government official says.

1343 - Bank of England Governor Mark Carney says any adjustment to Greek debt should reflect the IMF’s preferred creditor status.

1321 - Euro zone decision-makers knew of the IMF’s latest analysis of Greek debt sustainability on Saturday, two days before reaching an agreement on a third bailout for Athens, an EU official says.

1245 - The European Commission will recommend providing Greece with bridge financing over the next month through the European Financial Stability Mechanism (EFSM), in defiance of strong British and Czech objections, EU officials say.

1202 - President Francois Hollande uses his annual Bastille Day message to the French to launch the idea of an elected assembly for the 19-nation euro zone.

1154 - Tsipras will probably make a cabinet reshuffle on Wednesday, Greece’s economy minister says, as the leftist government tries to secure backing for a third bailout amid signs of splits within the ruling party.

1146 - Greece will need debt relief far beyond what euro zone partners have been prepared to consider due to the devastation of its economy and banks in the last two weeks, a confidential study by the International Monetary Fund, seen by Reuters, shows. It says the alternative for euro zone creditors is either annual transfers to the Greek budget or “deep upfront haircuts”.

1116 - German Finance Minister Wolfgang Schaeuble says it will take at least four weeks to agree a bailout programme and until that happens, risks remain. To avoid major problems, short-term financing must be in place by Monday. Schaeuble says some in the German government would have preferred a temporary Greek exit from the euro zone.

1114 - The head of Greek opposition party To Potami says his group will support PM Tsipras’ bailout deal in parliament but rules out joining a government led by the leftist Syriza party.

1045 - The European Stability Mechanism bailout fund will contribute between 40 and 50 billion euros ($44-1-55.1 billion) to a three-year package for Greece to cover financing needs of 82 to 86 billion euros, a European official says.

0950 - Greece may have avoided crashing out of the euro for now by agreeing to creditors’ demands for sweeping reforms in return for cash, but economists are split on whether the deal is good for either party or even if ‘Grexit’ is off the table. A Reuters poll of nearly 60 economists conducted in the 24 hours after news of the agreement broke showed they were skeptical whether the deal was good for both Greece and Europe.

0934 - Bank of England’s Carney says deal has “big execution risks”, will require Herculean efforts on all sides, debt not sustainable in current form. Way deal was reached underscores euro zone’s institutional shortcomings.

0902 - Austrian Chancellor Werner Faymann says a deal with international creditors to stave off bankruptcy gives Athens a chance but a Greek exit from the euro zone is still possible.

0833 - Euro zone finance ministers will hold a telephone conference to discuss Greek bridge financing on Wednesday, Austria’s finance minister says.

0814 - The junior coalition partner of Greek Prime Minister Alexis Tsipras - the right-wing Independent Greeks - pledged to continue support for the government but indicated it would only vote for bailout measures agreed before last weekend’s summit in Brussels.

0812 - Greece made an 85 million euro ($93.5 million) payment on a yen-denominated bond maturing on Tuesday, a government official told Reuters, averting a default on government debt held by private investors.

0722 - German Bund yields dipped on Tuesday as financial markets remained wary of the hurdles Greece needs to clear to receive vital financial aid from the euro zone.

0706 - Greece’s parliament will pass legislation required for a new financial aid package from Europe’s rescue fund despite dissenting views from some ruling party deputies, the country’s interior minister says.

0655 - British finance minister George Osborne has ruled out any financial involvement in a fresh bailout for Greece after suggestions that a mechanism backed by the whole European Union could provide bridge financing for Athens.

0548 - The junior partner in Greece’s ruling coalition will continue to support the government but there are limits to its support, a party spokeswoman says. The spokeswoman of the Independent Greeks Marina Chrysoveloni also rules out joining a coalition government with two opposition parties.

0528 - German Finance Minister Wolfgang Schaeuble suggested in discussions with other euro zone finance ministers that Greece could issue IOUs as a means of interim financing, German newspaper Handelsblatt cited participants as saying.

0047 - Japanese Finance Minister Taro Aso said he would keep watch on markets as the Greek situation remains uncertain until the country’s parliament passes necessary legislation by Wednesday night to open negotiations needed for a bailout.


1845 - A multi-billion euro recapitalisation of Greece’s banks will help protect savers’ deposits, Greek Economy Minister George Stathakis says, after Athens agreed a deal that could lead to a fresh bailout from international creditors.

1807 - The White House said on Monday the United States welcomed the deal reached between Greece and its creditors, calling it “credible step” that would include difficult structural reforms by Greece.

1737 - Greek banks will remain shut through to July 15 inclusive, the Finance Ministry confirms, extending a two-week shutdown of the nation’s banks.

1706 - Fitch says Greek deal may help sovereign liquidity, big risks remain

1638 - Rating agency Moody’s says Greece’s rock-bottom credit rating is unlikely to be raised any time soon, despite Greece agreeing terms on Monday for a third euro zone bailout.

1625 - A third bailout for Greece is likely to take around four weeks to negotiate, euro zone officials say following a meeting of finance ministers, and a green light for talks could come on Friday.

1234 - Allianz’s Mohamed El-Erian tells CNBC that markets should be prepared for “uncertain and messy implementation” of Greek deal

1218 - Eurogroup’s Dijsselbloem says ministers will look into bridge financing for Greece

1207 - The Greek debt deal is good news for the bloc and strengthens the euro, Spanish Prime Minister Mariano Rajoy says

1203 - German CDU’s Tauber says Bundestag vote on Greece likely to happen on Friday

1157- German CDU secretary general Tauber expects German conservative parliamentary faction to back Merkel

1157 - ECB leaves emergency funding cap for Greek banks unchanged, banking source says

1148- Greek finance ministry official says bank holiday will be extended, won’t say for how long

1124 - German government spokesman says once Greek parliament votes on deal, German lawmakers can be recalled for extraordinary meeting

1106 - German foreign minister Steinmeier says difficult steps ahead, up to Greece to show they are ready to take the necessary steps

1038 - Germany’s Gabriel expects Greek government and those European parliaments that need to will back deal

1035 - German vice-chancellor Gabriel says with Greece deal, Europe has avoided a split

1028 - British PM Cameron glad agreement on Greece reached, but does not underestimate challenge of implementing it, spokeswoman says

0921 - German foreign minister Steinmeier says Greece must rebuild trust quickly, still difficult steps to take

0853 - The European Central Bank is seen holding Emergency Liquidity Assistance (ELA) steady to Greek banks when its Governing Council of policy-setters talk by phone on Monday, people with direct knowledge of the matter said.

0805- Finnish PM says government to “carefully evaluate if new Greek proposal is sufficient for ESM negotiations”

0748 - Greek PM says burden will also fall on those who did not pay during crisis, radical reforms needed to get rid of old oligarchy.

0744 - Greek PM says managed to restructure debt, secure medium term financing, in growth package worth 35 billion euros. Greece sends a message of dignity to Europe.

0743 - Greek PM says fought tough battle, averted extreme plans by conservative circles in Europe for financial choking and banking system collapse

0738 - Austria’s Faymann says Tsipras relented and accepted IMF involvement in new bailout

0723 - Germany’s Merkel says will recommend deal to parliament “with full conviction”, Greece will apply for further IMF programme

0717 - Eurogroup’s Dijsselbloem says 25 billion euros to be used to recapitalise Greek banks, Greek asset fund targeted at 50 billion euros

0712 - EU’s Juncker says there will be no Grexit, satisfied with deal

0711 - EU’s Tusk says finance ministers will urgently discuss bridge finance, other parliaments must agree

0705 - Austria’s Faymann says deal positive result for social cohesion, but will be very difficult to implement agreement. No deadline for Greek privatisation.

0656 - Euro zone leaders reached a unanimous agreement after all-night talks in Brussels to move forward with a bailout loan for Greece, European Council President Donald Tusk said on Monday. “Euro summit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms and financial support,” Tusk tweeted.

0640 - Euro zone leaders at a marathon emergency summit on Greece have reached agreement, officials said. “Agreement,” said Belgian Prime Minister Charles Michel in a one-word tweet. The Cyprus government spokesman tweeted: “Seems we have a deal.”

Compiled by Andrew Heavens and Mark Trevelyan

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