Euclid Tsakalotos

The Greek Parliament approved early on Thursday a bill of reforms, which Athens has to implement in order to be granted a new bailout by international creditors.

The bill was passed with the support of pro-European opposition parties despite the split within the main ruling party SYRIZA.

Sunday, July 5

61.31% of Greek voters rejected the terms of a bailout proposition put forth to Greece by its EU creditors by voting ‘No’ in a fast-track referendum championed by Prime Minister Alexis Tsipras and the Radical Left Coalition (SYRIZA) government.

Monday, July 6

The EZ ministers are now taking a dinner break after three hours of talks. Reuters reports that Greek Finance Minister Euclid Tsakalotos was told that he must offer deeper reforms if there is to be a third bailout. He reportedly called Prime Minister Alexis Tsipras to discuss these additional measures.

The Greek Parliament approved on Saturday the latest reform proposals, which the government in Athens submitted to the eurozone late on Thursday.

The proposed package of spending cuts, pension savings and tax increases, which Greece has to fulfill in order to be granted further bailout, garnered an overwhelming parliamentary support.

The Greek government seems as though it has completely abandoned its red lines, -not reducing auxiliary pension benefits (EKAS), increasing pension ages etc- as new Finance Minister Euclid Tsakalotos has reportedly submitted a set of proposals to the EU institutions for a 3-year bailout plan that includes harsh measures, the exact details of which are expected to be fine tunes in the next hours

European Council President Donald Tusk said that now was “the most critical moment in the history of the eurozone” as Greece was given until Thursday to present new proposals to secure a deal with creditors. “The final deadline ends this week,” said Tusk after emergency talks in Brussels on Tuesday.

The Eurozone would like to receive a new letter with reform proposals from Greece, Eurogroup head Jeroen Dijsselbloem has said.

His remarks came minutes after a new Eurogroup meeting on Tuesday ended with no concrete results.

Greek Finance Minister Euclid Tsakalotos, who took over from Yanis Varoufakis on Monday, was also present.

Greece?s new finance minister Euclid Tsakalotos is as discreet and tight-lipped as his predecessor Yanis Varoufakis was flamboyant and confrontational.

Tsakalotos, a 55-year-old leftist economist who had been a pointman in Greece?s bailout talks, was named as Varoufakis? replacement hours after his resignation on July 6.

(UPD-17.20) The Eurogroup meeting has concluded. Reports say Greek PM Alexis Tsipras will address the European Parliament on Wednesday. Finance Ministers are expected to talk to the media shortly.

The White House urged Greece and EU leaders July 6 to find a compromise to keep the cash-strapped country in the eurozone, after Greeks voted resoundingly to reject an austerity-based bailout.