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| Greek MPs prepare for second vote on bailout reforms | Greek MPs prepare for second vote on bailout reforms |
| (about 4 hours later) | |
| The Greek parliament will vote on Wednesday on a second set of reforms needed to secure its bailout deal. | The Greek parliament will vote on Wednesday on a second set of reforms needed to secure its bailout deal. |
| If MPs approve the financial and judicial reforms, Greece will be able to press ahead with negotiations for an €86 billion bailout from its creditors. | If MPs approve the financial and judicial reforms, Greece will be able to press ahead with negotiations for an €86 billion bailout from its creditors. |
| Prime Minister Alexis Tsipras has been trying to rally his Syriza colleagues, saying the Greek people had "pinned their hopes" on staying in the euro. | |
| The vote is expected to pass with the support of opposition parties. | The vote is expected to pass with the support of opposition parties. |
| But Mr Tsipras needs to avoid a significant rebellion from within the ranks of Syriza. Some 32 of the radical-left party's 149 MPs - including former finance minister Yanis Varoufakis - voted against the first tranche of bailout measures last week. Another six abstained. | But Mr Tsipras needs to avoid a significant rebellion from within the ranks of Syriza. Some 32 of the radical-left party's 149 MPs - including former finance minister Yanis Varoufakis - voted against the first tranche of bailout measures last week. Another six abstained. |
| The rebellion reduced Mr Tsipras' support within his own ruling coalition to just 123, barely more than the minimum 120 required to sustain a minority government. | The rebellion reduced Mr Tsipras' support within his own ruling coalition to just 123, barely more than the minimum 120 required to sustain a minority government. |
| "Up until today I've seen reactions, I've read heroic statements but I haven't heard any alternative proposal," Mr Tsipras told Syriza MPs on Tuesday night, an official told the Reuters news agency. | "Up until today I've seen reactions, I've read heroic statements but I haven't heard any alternative proposal," Mr Tsipras told Syriza MPs on Tuesday night, an official told the Reuters news agency. |
| "Syriza as a party must reflect society, must welcome the worries and expectations of tens of thousands of ordinary people who have pinned their hopes on it," he reportedly said. | "Syriza as a party must reflect society, must welcome the worries and expectations of tens of thousands of ordinary people who have pinned their hopes on it," he reportedly said. |
| Last week's vote was about the austerity measures imposed by Greece's creditors - a mix of economic reforms and budget cuts demanded by the eurozone countries and institutions before bailout talks could continue. | Last week's vote was about the austerity measures imposed by Greece's creditors - a mix of economic reforms and budget cuts demanded by the eurozone countries and institutions before bailout talks could continue. |
| The measures that will come before the parliament on Wednesday are of a more structural nature - a code of civil protection aimed at speeding up court cases and the adoption of an EU directive to bolster banks and protect savers' deposits of less than €100,000. | The measures that will come before the parliament on Wednesday are of a more structural nature - a code of civil protection aimed at speeding up court cases and the adoption of an EU directive to bolster banks and protect savers' deposits of less than €100,000. |
| More contentious measures - phasing out early retirement and tax rises for farmers - have been pushed back to August. | More contentious measures - phasing out early retirement and tax rises for farmers - have been pushed back to August. |
| Greece's public sector union has called for a protest during the emergency debate in parliament on Wednesday evening. | Greece's public sector union has called for a protest during the emergency debate in parliament on Wednesday evening. |
| Asked if the threat of a Greek exit from the euro - or "Grexit" - had passed, EU Economic Affairs Commissioner Pierre Moscovici said on Tuesday: "I think we've made a big step in that direction." | Asked if the threat of a Greek exit from the euro - or "Grexit" - had passed, EU Economic Affairs Commissioner Pierre Moscovici said on Tuesday: "I think we've made a big step in that direction." |
| The International Monetary Fund (IMF) confirmed on Monday that Greece had cleared its overdue debt repayments of €2.05bn (£1.4bn) and was no longer in arrears. | The International Monetary Fund (IMF) confirmed on Monday that Greece had cleared its overdue debt repayments of €2.05bn (£1.4bn) and was no longer in arrears. |
| The repayments, and another for €4.2bn to the European Central Bank (ECB) due on Monday, were made possible by a short-term EU loan of €7bn. | The repayments, and another for €4.2bn to the European Central Bank (ECB) due on Monday, were made possible by a short-term EU loan of €7bn. |
| Greece's next major deadline is 20 August, when it must pay €3.2bn owed to the ECB, followed by a payment of €1.5bn to the IMF in September. | Greece's next major deadline is 20 August, when it must pay €3.2bn owed to the ECB, followed by a payment of €1.5bn to the IMF in September. |
| The Greek government received a small boost on Tuesday when credit ratings agency Standard & Poor's raised the country's rating by two notches to CCC+ from CCC-. | The Greek government received a small boost on Tuesday when credit ratings agency Standard & Poor's raised the country's rating by two notches to CCC+ from CCC-. |
| On Monday, Greek banks reopened after being closed for three weeks but many restrictions remain and Greeks are facing price rises after an increase in VAT. | On Monday, Greek banks reopened after being closed for three weeks but many restrictions remain and Greeks are facing price rises after an increase in VAT. |