By July 22 Greece must overhaul its civil justice system and implement the Banks Recovery and Resolutions Directive (BRRD) to bring its bank laws in line with the European Union.
In one of the longest negotiation sessions by Greek politicians, Eurozone representatives and international creditors, a deal was made between Prime Minister Tsipras and the Troika in Brussels, sealing the country’s fate, debt repayment plan and the reopening of the banks following an emergency funding loan from the European Central Bank.
EuroSummit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support— Donald Tusk (@eucopresident) July 13, 2015
The 'A-Greek-ment' or 'Greekment' includes an ultimatum that Greece must siphon off 50 billion euros of public assets into an offshore bank account to repay its debts. Following the decision, Tsipras’ deal with the Troika began trending on Twitter — #ThisIsACoup.
— Orakel van Merksem (@OrakelvMerksem) July 13, 2015
"Europe has won," said French President Francois Hollande who tweeted, "An agreement has been found. France looked for it, wanted it. Greece will stay in the Eurozone. Europe has won."
But the win for Europe has been seen by some as a loss for democracy.
The Greek Prime Minister took the question of austerity to the Greek people who said ‘No’. Alexis Tsipras left Brussels last night after saying 'Yes' to Eurozone leaders' demands for more austerity measures in return for money.
Tsipras must pass the new plans through parliament in order for the Greek banks to get the money. Then the bailout becomes a victory for Brussels.