Political, financial temperature rising in Athens

The Greek government is in a race against time to seal a deal with creditors on the new bailout program before August 20, when an ECB debt repayment is due. The Greek Prime Minister is operating under immense political pressure to avoid having to push through parliament more “prior actions” which are unpopular in his left-wing party.

The rebellion in Syriza has grown strong in recent weeks. Effectively, the vote in parliament that is required to ratify the prospective third memorandum will be a vote of confidence to the government and will almost certainly cause political developments.

Syriza’s political secretariat met on Monday to discuss the party’s strategy. The meeting put in motion a party congress in September as premier Alexis Tsipras reportedly said it must be held at the earliest opportunity.

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(Photo: Hellenic Parliament/ Aliki Eleftheriou)