Greece Crisis Current Affairs - 2020

Greek PM Alexis Tsipras resigns

Greek Prime Minister Alexis Tsipras has announced his resignation in a televised address to the debt ridden nation which is centre of Eurozone crisis.

He has submitted his resignation to President Prokopis Pavlopoulos and called for snap elections as early as possible.

Mr. Tsipras resigned in order to defend the country’s massive new 86 billion euro bailout programme which had triggered a rebellion within his own left-wing Syriza party.

He was elected as Prime Minister after his left-wing party had emerged victorious in general election held in January 2015.

Mr. Tsipras’s this decision leaves Greece in the hands of a caretaker government until the election to  elect new government takes place which is expected to be held on September 2015.

EU approves 7 Billion Euro Short-Term Loan to Greece

European Union (EU) has approved a short-term loan of 7.16 billion euros to Greece after it was backed by the 28 member states.

This loan will allow Greece to pay its debt to European Central Bank (ECB) and the International Monetary Fund (IMF) till new bailout plan is ratified.

The loan will be given through the European Financial Stabilisation Mechanism (EFSM) which is a rescue fund set up during the first time bailout of Greece in 2010. But presently it covers the whole of the 28 EU member nations and not just the 19 eurozone members.

This loan fund will be officially for three months, but looking at present debt crisis of Greece it can be sustained until 20 August 2015.