Greece deal talks: latest updates

Despite growing opposition from his left wing Syriza party, Alexis Tspiras has made it very clear he has no plans to step down. "The worst thing a captain could do while he is steering a ship during a storm, as difficult as it is, would be to abandon the helm," he said on TV.

Getty ImagesCopyright: Getty Images

The Greek Prime Minister Alexis Tsipras admits he still doesn't know when the banks will open, and says it depends on when a deal has been agreed. He says the banks will need €10bn to €15bn to be recapitalised. A return to normality for the Greek banking system will happen gradually, as will an increase in withdrawal limits, he said.

Just why is it so important for Greece to stay in the Euro? Yes the country needs reforms and should proceed with them. But not at the cost of a colossal debt 200% of GDP (according to the IMF) that they will never pay off. Greece leaving the Euro would be worse for the eurozone than for Greece who will be in control of their destiny once more and can start rebuilding.

Athena Polydorou, Athens:  

Email Message: This is not an agreement. Agreement means the possibility of at least a compromise. In this case, there was no compromise; there was capitulation and resignation to unrelenting neoliberal policies under aggressive duress.

The terms were set and the outcome predestined because the lenders are single minded and relentless in their objectives. It’s called Thatcherism – perhaps not fully understood in Greece even after five years of barbaric back breaking austerity.

This is not an agreement. Agreement means the possibility of at least a compromise. In this case, there was no compromise; there was capitulation and resignation to unrelenting neoliberal policies under aggressive duress.

The terms were set and the outcome predestined because the lenders are single minded and relentless in their objectives. It’s called Thatcherism – perhaps not fully understood in Greece even after five years of barbaric back breaking austerity.

But he admits he "signed a deal I do not believe in". Nonetheless, he says he's "willing to implement" it and "will assume responsibility". He also criticises European officials who he says displayed a "vindictive stance" over the referendum.

Mr Tspiras insists that he got a better deal than the one which was originally on offer. He says the fiscal adjustment is milder than cuts to state wages and pensions would have been. "We fought a battle to not cut wages and pensions," he says.

ERTCopyright: ERT

"This was not an easy task for anybody..I tried to do my best to claim everything I could, " Greek prime minister Alexis Tsipras has said in an appearance on live Greek TV.

Anonymous, Kos:

Email Message: The banks are shut, the British press is scaring people into cancelling holidays to Greece. Confidence is -12 on a scale of 1-10 . The country is back in deep recession and the EU want, no, demand ever deeper austerity measures.

The Troika have been in charge for five years and crippled the economy. Suicide rates are up 50% .

Greece really cannot take more pain. 

The banks are shut, the British press is scaring people into cancelling holidays to Greece. Confidence is -12 on a scale of 1-10 . The country is back in deep recession and the EU want, no, demand ever deeper austerity measures.

The Troika have been in charge for five years and crippled the economy. Suicide rates are up 50% .

Greece really cannot take more pain. 

A new poll in Greece says most Greeks go along with the bailout deal. The Kapa Research poll for To Vima newspaper says 51.5% of Greeks believe the agreement is positive. A higher percentage thinks that the country's parliament should approve it. Even more - 72% - simply thought, like it or not, there was no alternative.

Greece's deal with its creditors has got the blessing of the White House. It said President Barack Obama considered ``the agreement a positive step that could help underpin a return to growth and debt stability in Greece''. However, it did add ``further work will be required.'' Mr Obama has been working the phones to offer his support, apparently having rung French President Francois Hollande, German Chancellor Angela Merkel, British Prime Minister David Cameron and Federica Mogherini, the European Union's high representative for foreign affairs and security policy.

John Rødseth:

Email Message: If Greece accepts, let's drink ouzo, Greek wine and make the next vacation in Greece.

If Greece accepts, let's drink ouzo, Greek wine and make the next vacation in Greece.

There it is, what this ultimately comes down to, oil and gas drilling and who will control it. A convenient insistence from the EU to control valuable Greek assets including power. True the Greeks will run Greek assets to maximise the income but overshadowed by the EU means the EU will control it. Now the amount of finance loaned to the Greeks adds up. Money as we all know is money however, oil is power. It will be interesting to learn which countries ultimately own the three oil and gas companies that have put in bids to drill in the Greeks back yard...

ReutersCopyright: Reuters

French President Francois Hollande is being widely lauded in his home country for helping to secure the Greek deal. Many have linked the Bastille Day celebrations - marking the anniversary of the storming of that notorious Paris prison 226 years ago and the start of a revolution against the elite - with his own role in negotiations. But as BBC Paris Correspondent Lucy Williamson warns the glory could be short lived. "For now the critical voices ranged against Mr Hollande are relatively few, but will that change if France is forced to help bankroll Greece in the coming weeks?". Read more here.

Bamidele  Akodu:

Email Message: Can anyone tell me what was the point of the referendum?

The people of Greece voted no to the economic reforms posed to the Greek Government only to concede to stricter reforms.

The referendum was a waste of money that the country could ill afford and in light of the reforms agreed, it does not say much about the Greek people and  their leader. As best it shows that the their leader is unrealistic and at worst incompetent. Either way it does not bode well for the people Greece.

Can anyone tell me what was the point of the referendum?

The people of Greece voted no to the economic reforms posed to the Greek Government only to concede to stricter reforms.

The referendum was a waste of money that the country could ill afford and in light of the reforms agreed, it does not say much about the Greek people and  their leader. As best it shows that the their leader is unrealistic and at worst incompetent. Either way it does not bode well for the people Greece.

Greek Prime minister Alexis Tsipras is now locked in meetings trying to persuade his own MPs to back the emergency legislation that's a pre-condition for starting talks on a new international bailout. Several members of his coalition are likely to vote against the measures, furious at what they see as blackmail by the eurozone. But it is expected to pass with support from opposition parties, who see it as the only way to ensure Greece remains in the euro.

John March, Bad Münstereifel, Germany:    

Email Message: In retrospect, the UK can be very glad it is NOT part of the eurozone. Greece should never have been allowed to enter 10 years ago. Now we in Germany and elsewhere in Europe are paying the price for their inability to run their economy. The result will be inflation in the eurozone, something that was always anathema to the German government in the past. 

In retrospect, the UK can be very glad it is NOT part of the eurozone. Greece should never have been allowed to enter 10 years ago. Now we in Germany and elsewhere in Europe are paying the price for their inability to run their economy. The result will be inflation in the eurozone, something that was always anathema to the German government in the past. 

Getty ImagesCopyright: Getty Images

Wednesday's vote is the first domestic test for Greek prime minister Alexis Tsipras, says Nick Malkoutzis, deputy editor of the English edition of the Greek daily Kathimerini. "The first batch of legislation should pass comfortably but the Greek prime minister then has a damage limitation exercise on his hands," he writes in a detailed look at the challenges he faces.

Here's a handy guide of what Greek Prime Minister Alexis Tsipras has to ensure Parliament agrees to by the end of Wednesday:

• Ratifying eurozone summit statement
• VAT changes: Top rate of 23% to extend to processed food, restaurants etc... 13% to cover fresh food, energy bills, water and hotel stays, 6% for medicines and books
• VAT discount of 30% to be abolished on islands, but remotest islands to keep discount until next year
• Corporation tax raised from 26-29% for small companies
• Luxury tax for big cars, boats and swimming pools up from 10-13%; farmers' tax up from 13-26%
• Early retirement to end (phased in by 2022); retirement age raised to 67
• Greek statistics authority Elstat to have full legal independence

Prime Minister Alexis Tsipras has until Wednesday night to get the measures just submitted passed by Greek parliament. The immediate reforms required include a VAT hike and reforms to pensions.

George Hanna:

Email Message: Both the EU and Greece are between a rock and a very hard place! The EU cannot let Greece leave the Union without significant problems being raised for the Union.

But Greece cannot pay the level of debt it currently has and survive as a country!

This drama is not over, my bet is that Greece will exit the EU within 6 months.

Both the EU and Greece are between a rock and a very hard place! The EU cannot let Greece leave the Union without significant problems being raised for the Union.

But Greece cannot pay the level of debt it currently has and survive as a country!

This drama is not over, my bet is that Greece will exit the EU within 6 months.

Getty ImagesCopyright: Getty Images

Greece's Energy Ministry has just announced that it has received three bids for deep sea oil and gas drilling in western Greece and south of the island of Crete, but is not yet disclosing the names of the firms interested. It invited firms to apply for test drilling in the area last year, but in March extended the deadline for another two months in a bid to increase interest.

 Graham Padgett, Winnipeg, Manitoba, Canada 

Email Message: There has been a persistent refusal by all parties involved to acknowledge what is really happening. Europe largely wants Greece to quit the Euro but doesn't want to take the blame for it. Greece needs to leave the Euro but is largely too proud to admit it. It's choice is in any case between extreme poverty in the Eurozone (austerity) and extreme poverty in the Drachmazone using an almost worthless currency.

There has been a persistent refusal by all parties involved to acknowledge what is really happening. Europe largely wants Greece to quit the Euro but doesn't want to take the blame for it. Greece needs to leave the Euro but is largely too proud to admit it. It's choice is in any case between extreme poverty in the Eurozone (austerity) and extreme poverty in the Drachmazone using an almost worthless currency.

Michael Georgopapadakos, Piraeus: 

Email Message: Tension at ATMs with people waiting for 50 euros is not so high as some days before. The banks are open for those that want their pension but do not have electronic cards.    

Tension at ATMs with people waiting for 50 euros is not so high as some days before. The banks are open for those that want their pension but do not have electronic cards.    

Privateislandsonline.comCopyright: Privateislandsonline.com

Greece has agreed to the creation of a new independent fund that will manage assets to privatise, but as far as we know so far this doesn't include Greek islands. But even without the government selling off its assets, it's possible to get hold of one of the privately owned islands. Business insider has compiled a handy list. One of the cheapest on offer is Lihnari Peninsula - which can be bought for €3 million (£2.1 million), according to its listing on Private Islands Online.

Unsurprisingly Greece has missed a payment to the International Monetary Fund due today: "The SDR [special drawing rights] $360m principal repayment (about €456m) due by Greece to the IMF today was not received. We have informed our Executive Board of this development. Greece's arrears to the IMF total SDR 1.6bn (about €2bn) to date. The request by the Greek authorities for an extension of the repayment obligation due on June 30th is expected to be discussed by the Executive Board in the coming weeks," Gerry Rice communications director at the IMF said in a statement.

BBCCopyright: BBC

The euro is currently holding steady against both the pound and the US dollar, with analysts crediting Monday's agreement. But is it just the calm before the storm? "Whether Greece has walked the plank to an economic and political collapse is still unknown. While the agreement is definitely very positive for market sentiments, as the prospects of Grexit have significantly reduced, this does not mean the odds are eliminated in the medium term," says Bernard Aw of IG Markets.

If the "secret" IMF report is to be believed, the deal forced upon Greece may contain elements that contravene IMF rules (and possibly others) - if so this surely negates the validity of the whole proposal as the "package" has to be accepted in full - does this mean "back to the drawing board" - or can the Eurogroup, ECB and IMF ignore their own rules when it suits them. It would seem that the European Financial Stabilisation Mechanism is being considered as a source of funds, in spite of agreement not to use it for Euro Bailouts - goalpost moving?

EU officials have said they will recommend giving Greece "bridge financing" - the temporary funding it needs to keep going ahead of an expected third bailout deal - through the European Financial Stability Mechanism (EFSM) - a €13bn fund backed by the EU budget. Both the UK and the Czech Republic are opposed to this, but the decision to provide the money this way will be based on a majority vote. Providing 15 EU countries agree - equal to 65% - then the fund will be used.

The boost from Monday's Greek deal appears to have fizzled out with all the three main indexes lower or flat in early trading. The Dow Jones Industrial Average is currently down 11.49 points or 0.05%, with the S&P up 0.01% or 0.22 points. And the tech heavy Nasdaq is up just 0.2% or 11.82 points.

The leaked IMF report discovered by Reuters suggests European countries would have to give Greece a 30-year grace period on servicing its debts. The report has sparked a storm of reaction on Twitter, because officially the IMF cannot lend to a country if it doesn't believe it is sustainable.

See some reactions below:

So Europe must be very proud of this result now. Germany and some other European countries managed to secure their funds by forcing Greece to take measurements that they would call illegal or cumbersome if they were about to be voted to their parliaments- but for Greece it is fine.

Getty ImagesCopyright: Getty Images

"Many people", including members of the German government would have preferred Greece to take a "timeout" from the eurozone, German finance minister Wolfgang Schaeuble has admitted. But he's declined to say if he was one of them. The option was initially included in a draft proposal of the Greek deal, but was eventually dropped after criticism from other European finance ministers. "There are many people, including in the federal government, who are quite convinced that in the interests of Greece and the Greek people what we wrote down would have been much the better solution," Mr Schaeuble said when asked about the proposal.

Vangelis PavlidisCopyright: Vangelis Pavlidis

Cartoonist Vangelis Pavlidis has this take on life in Greece at the moment. In case you can't read the caption it says: "Let's look at it the other way... I mean it's a good thing we have no money because if we had, we wouldn't be able to withdraw it from the bank now."

Reuters reports that it has got its hands on a confidential study by the International Monetary Fund (IMF) which says Greece will need even more help with its debts after the damage wrought on its economy during the past two weeks. Debt forgiveness or a long grace period on interest payments were options to help, Reuters said, citing the report.

ET, Greece:

Email Message: Instead of fighting and criticizing Mr.Tsipras now that he has come back after doing the best he could, considering what he was up against, let's show him our support and pull together as a country to pull off the impossible. Change takes time and starts with ourselves first. So Greece let's all put our best foot forward and keep the faith.

Instead of fighting and criticizing Mr.Tsipras now that he has come back after doing the best he could, considering what he was up against, let's show him our support and pull together as a country to pull off the impossible. Change takes time and starts with ourselves first. So Greece let's all put our best foot forward and keep the faith.

Former Greek finance minister Yanis Varoufakis says in his blog he is holding off judgement of the debt plan. "I am also looking forward to hearing in person from my comrades, Alexis Tsipras and Euclid Tsakalotos, who have been through so much over the past few days," he writes. He reminds us, though: "Nick Kaldor, the noted Cambridge economist, had warned that forging monetary union before a political union", 'would lead not only to a failed monetary union but also to the deconstruction of the European political project.'"

As expected Prime Minister Alexis Tsipras is getting support to opposition parties. The leader of Potami (which translates as The River), Stavros Theodorakis, says his party would support the Prime Minister in tomorrow's vote, but ruled out joining a Syriza government, reports Reuters.

PACopyright: PA

"There is no Greek deal," writes economist Megan Greene in Politico. Instead "there are a series of punitive and humiliating diktats from creditors". She says those demands will almost certainly result in failure. "So while the immediate risk of a Grexit from the euro may be slightly lower following this weekend's summit of European leaders in Brussels, it is materially higher in the long run," Ms Greene writes.

Vasileios Xenakis:     

Email Message: Whatever it takes...This is a chance for a new start possibly the last chance. The third programme is less demanding for fiscal measures but focus on reforms. Reforms that we ought to have performed 30 years now. During the last weeks hopefully all Greeks learnt a lesson and in the upcoming weeks history will tell if we will are willing to start changing the game. 

Whatever it takes...This is a chance for a new start possibly the last chance. The third programme is less demanding for fiscal measures but focus on reforms. Reforms that we ought to have performed 30 years now. During the last weeks hopefully all Greeks learnt a lesson and in the upcoming weeks history will tell if we will are willing to start changing the game. 

AFPCopyright: AFP

German Finance Minister Wolfgang Schaeuble is a key ally of Chancellor Merkel - but a hate figure in Greece, the BBC's Laurence Peter writes.

Martyn Moss:

Email Message: Here we are again. Greece will never repay its debts and will be back in the same boat within three years. Should never have joined the euro band, exited three years ago. At least another three years if severe austerity which is strangling the Greek people. Should take the hit now and have control of their own future however bleak the immediate future may seem. You can't keep borrowing from Peter to pay Paul and then borrow from Paul to pay Peter back. I am in Greece at the moment and the people here in Crete are so lovely and welcoming. I really feel for them. 

Here we are again. Greece will never repay its debts and will be back in the same boat within three years. Should never have joined the euro band, exited three years ago. At least another three years if severe austerity which is strangling the Greek people. Should take the hit now and have control of their own future however bleak the immediate future may seem. You can't keep borrowing from Peter to pay Paul and then borrow from Paul to pay Peter back. I am in Greece at the moment and the people here in Crete are so lovely and welcoming. I really feel for them. 

BBC journalist in Greece Sarah Holmes tweets:

ReutersCopyright: Reuters

The eurozone should take over Greek banks says Reuters Breakingviews columnist Hugo Dixon. He says that the European Stability Mechanism could directly pump funds into the banks and then sell stakes in those banks at some stage in the future. He concedes though that this may be difficult politically - as a foreign takeover of Greek banks is unlikely to be popular.

Getty ImagesCopyright: Getty Images

Eurozone finance ministers are discussing ways of finding short-term financing to help Greece avoid defaulting on its debt. Finnish Finance Minister Alexander Stubb (pictured left) said that it will be difficult for eurozone members to offer Greece funds without any conditions, however he also said: "Never underestimate the capacity of European lawyers and economists to come up with a solution." Greece will need short-term finance until creditors can agree a third bailout for Greece.

The €50bn privatisation programme in Greece is needed to "improve debt stability," says Mr Carney, under questioning from MPs. There is a "big execution risk around the profile of the debt which in the judgement of the IMF [International Monetary Fund]… is not sustainable in its current form," he adds. Somewhat hedging his bets around how prepared we all are, he says: "Steps taken in 2010 did serve a purpose... Its 2015 now - there's facts on the ground now that have changed."

Parliament TVCopyright: Parliament TV

Bank of England governor Mark Carney is being asked about Greece's new debt deal. "The process by which this agreement was struck ... underscores a series of institutional shortcomings that still exist," within the eurozone, he says, speaking to the Treasury committee.

Niraj Shah, London:

Email Message: Greece is barking up the wrong Euro and EU tree. The only way to get this economy marching again is to remove the shackles of the Euro and ECB Monetary Policy. This crisis is only just beginning if the Greek parliament votes for a European bailout. Are we sowing the seeds of a European Spring with the magnitude and speed of European imposed reforms?

Greece is barking up the wrong Euro and EU tree. The only way to get this economy marching again is to remove the shackles of the Euro and ECB Monetary Policy. This crisis is only just beginning if the Greek parliament votes for a European bailout. Are we sowing the seeds of a European Spring with the magnitude and speed of European imposed reforms?

PACopyright: PA

Bank of England governor Mark Carney is due to appear before MPs. It's likely he'll be asked about the effect of Greece's last-ditch bailout agreement with European creditors. Mr Carney has said the outlook for the UK's financial stability has not been helped by Greece's debt crisis. MPs may be looking for an update from 10:15.

Greek journalist Omaira Gill tweets:

APCopyright: AP

Former Greek finance chief Yanis Varoufakis warned the cabinet that the ECB would shut down Greek banks a month before it actually happened, according to an interview in New Statesman magazine, published late on Monday. He wanted to respond by issuing IOUs, defaulting on bonds held by the European Central Bank and taking control of the Bank of Greece. He said he was "voted down".

Panos Kammenos leads the junior party in the Greek coalition government. He has been speaking following a meeting with Prime Minister Tsipras. Paul Mason the economics editor of Channel 4 news tweets:

BBCCopyright: BBC

London's FTSE 100 index of the largest public companies was down a mere 2.59 points to 6735.36, continuing a relatively muted week of trading. Paris's Cac-40 was up 3.33 points to 5,001.43 and the Dax in Frankfurt was down 30.53 points to 11,453.85. The euro is largely unchanged from yesterday with €1 buying $1.1003.

The head of the Eurogroup Jeroen Djisselbloem has arrived for talks with Eurozone finance ministers about how to organise short-term financing for Greece. It seems they are not sure where they can raise the money:

"We're looking at all the instruments and funds that we could use and all of them seem to have disadvantages or impossibilities or legal objections, so we are still working on it," he said.

Eurozone finance ministers are meeting to discuss six options for short-term financing for Greece, according to Peter Spiegel, Brussels bureau chief of the Financial Times. He tweets:

Getty ImagesCopyright: Getty Images

"The only thing certain about the aftermath of Sunday's Euro summit is the disgrace of the political leaderships. The EU's main powers tried to ritually humiliate the Greek government, but ruthlessness of intent was matched by incompetence when it came to execution," writes Paul Mason in the Guardian. "Now the realisation dawns: the Greek parliament has no power inside the eurozone at all. It has the power only to implement what its lenders want," he says.

I think Greece is being treated similarly to the banks that were bailed out at the beginning of the housing bubble in the United States. They act as if Greece is too big to fail. Since Greece will obviously not pay off its debts, and has not shown good faith during the negotiations, I think it irresponsible of Greece's creditors to push for a third bailout.

BBCCopyright: BBC

Greece has tried to sell national assets to pay off its debts before, according to analysis from Bloomberg. Prime Minister George Papandreou tried in 2011 and raised only €3.5bn. The target this time is €50bn.

  Peter Spiegel is the Brussels bureau chief of the Financial Times. He tweets:

Panagiotis Lafazanis is a somewhat rebellious member of the Syriza coalition government. He leads the so-called Left platform. He is also Minister for Productive Reconstruction. Greek news service Enikos reports that he wants the Prime Minister to abandon the deal with the EU. However, he concedes that the deal will be ratified tomorrow with support from opposition parties.

Getty ImagesCopyright: Getty Images

"Lies have been told to the people," says Notis Mitarakis, an MP with Greek opposition party New Democracy. He says that when the government was elected in January, it said it could renegotiate a much better deal within a few days, "obviously that was not the case". He also says that former finance minister Yanis Varoufakis had a plan B to leave the euro - having said in January that was not the case. Nevertheless Mr Mitarakis will be supporting the government on Wednesday, which he agrees is "extraordinary".

BBCCopyright: BBC

The euro is down 0.3% against the dollar so far today. Jeremy Stretch of CIBC World Markets says there "may be an element" of markets waiting for the Greek parliament to pass the bailout before the euro reacts. As well as this, the European Central Bank is buying bonds which is "cheapening up the euro", he says. €1 buys $1.0971 today.

  Greek Journalist Efthimia Efthimiou tweets:

 Financial journalist Katerina Sokou points out that Monday's deal between Greece and its creditors could be seen as a Pyrrhic victory. So what's that? Well it's a victory, but with such devastating losses, it is tantamount to defeat.

The current Greek deal will take a while to assist the banking sector, the Wall St Journal reports. When the banks open, it's likely withdrawal limits will persist. Cyprus and Iceland, which had crises which required capital controls kept them for years after, it reports. The Financial Times focuses on Greek Prime Minister Alexis Tsipras's need to persuade political parties of all stripes to back his deal.

BBCCopyright: BBC

UK newspapers speculate over how much the UK may have to contribute to Greece's €86bn bailout. The Daily Telegraph puts the bill at €1bn and says Chancellor George Osborne will try to block efforts to use EU budget money to save Greek banks. The Times reports the figure as £850m. Greece needs €12bn in emergency funding to help avoid a default, the Times reports.

Financial TimesCopyright: Financial Times

Some are saying that Greece's deal represents a humiliating climbdown for Greece. "Nonsense" says Financial Times columnist Gideon Rachman. He says that "if anybody has capitulated, it is Germany". " The Syriza government will clearly do all it can to thwart the deal it has just signed," he goes on. The euro has a strict "no bailout" clause in the single currency treaty so "ordinary Germans, Dutch, Finns and others also have every right to feel aggrieved," Mr Rachman says.

We will mention "the deal" in many posts this morning. For Greece to even start talks about a third bailout the EU has demanded a long list of stringent reforms and the Greek parliament has to agree to those by Wednesday. If you would like to find out more, then take a look at our guide.

APCopyright: AP

German finance minister, Wolfgang Schaeuble (pictured right) has suggested that Greece should issue IOUs to pay its bills until European authorities can extend extra financing. That's according to the German newspaper Handelsblatt today. But the newspaper points out that such a move would be controversial as it could be the first step towards creating a parallel currency.

There is speculation banks will be able to open later in the week, depending on whether cash will be available, says presenter Tanya Beckett, who's in Athens.

Even if this deal does get approved, it might not be viable in the long term, says Richard Jeffrey, chief investment officer at Cazenove Capital Management. "Is this something that Greece can fulfil, can live up to? I very much doubt that. I think we will be back to the Greek crisis, I don't think this is a resolution," he said on Wake up to Money.

Jenny Hill is the BBC's Berlin correspondent. She tweets:

BBCCopyright: BBC

The BBC's Tanya Beckett is in Athens. She has been looking at the Greek newspapers this morning. One tabloid paper features Alexander the Great with a bloody nose. Another headline reads "Vertigo" and has a picture of Prime Minister Tsipras looking stressed. A more conservative newspaper says "it is time for Greece to take responsibility".

EPACopyright: EPA

"Tomorrow I believe Mr Tsipras will pass the measures through parliament," said George Papakonstantinou Greece's minister for finance between 2009 and 2011. "The opposition this time around is going to vote with the government... His biggest problem is going to be his own backbenchers. He had already lost about 30 of those in the vote to give him the mandate to negotiate. They will probably splinter and form a new party. Some of these are in his own cabinet, so he needs to reshuffle," Mr Papakonstantinou said on Wake up to Money.

Good morning. After the drama in Brussels on Monday, attention will switch to Athens today as Greek Prime Minister Alexis Tsipras attempts to win support for the deal with the European Union. We will keep you up to date with his efforts and any news from a meeting of eurozone finance ministers in Brussels.