• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO
LeadershipGreece

Greeks prepare to fight bailout deal in and outside parliament

By
TIME
TIME
Down Arrow Button Icon
By
TIME
TIME
Down Arrow Button Icon
July 14, 2015, 3:56 PM ET
Greek Prime Minister Alexis Tsipras. Greek government asks
ATHENS, GREECE - 2015/07/11: Greek Prime Minister Alexis Tsipras. Greek government asks permission for the Greek parliament to find an agreement with the international creditors about the national debt. (Photo by George Panagakis/Pacific Press/LightRocket via Getty Images)Photograph by Pacific Press LightRocket via Getty Images
Add Fortune on Google for similar content.

By Simon Shuster/TIME

Though there are a few no-smoking signs posted inside the Greek parliament building, their admonition was not enforced on Tuesday in the second-floor offices of the ruling Syriza party, where lighting up was one of the few available means of calming some badly rattled nerves. Amid the haze in the antechamber, party staffers and journalists debated the terms of the bailout agreement that Greece reached on Monday. But no one was sure whether the government could push the devastating terms of the deal through parliament this week without falling apart and sparking new elections.

At the very least, Prime Minister Alexis Tsipras will probably have to reshuffle his cabinet and sideline the Syriza leaders who are turning against him. “That will happen this week for sure,” says one Syriza official, asking to remain anonymous. “Then we will see what’s next.”

As the party whips rallied votes on Tuesday, the number of defectors climbed into the dozens, including two of the government’s ministers and the speaker of the parliament. Among them was Energy Minister Panagiotis Lafazanis, who heads a hardline faction of Syriza known as Left Platform. “The agreement signed with the institutions is unacceptable,” he said in a statement on Tuesday. “This agreement practically voids the people’s mandate.”

When the bailout goes up for a parliamentary vote on Wednesday, most of the Left Platform lawmakers are expected to reject it, costing the Prime Minister at least 30 of the 149 votes his party has in parliament. But even Lafazanis, the leader of the mutiny within the party, admitted that the deal would still pass, because the more moderate opposition parties would vote in favor.

That will allow the bailout program to move ahead. Over the next three years, it would provide Greece with up to 86 billion euros in emergency loans to prop up its banking system and prevent Greece from abandoning the European currency union. As a condition of those loans, Tsipras agreed on Monday to impose further austerity on the Greek economy, including tax hikes, spending cuts and a sell-off of state assets worth 50 billion euros.

But even before the ink on this agreement had dried, some factions within Syriza were plotting their next confrontation with Greece’s creditors. “The agreement can give us a little bit of time so we can get prepared for an alternative,” says Michalis Spourdalakis, a Syriza party member who teaches political science at Athens University. It is only a matter of time, he says, before the Greek electorate rises up against the latest package of austerity, just as it did when electing the Syriza party in January.

Before it took power, the party’s core promise was to end austerity and secure debt relief from Greece’s creditors. But after five months of negotiations, Prime Minister Tsipras failed to win any significant concessions and, in Brussels this weekend, he finally bowed to the creditors’ demands for more austerity in exchange for more loans.

“It’s not that the government won’t try to implement this,” says Spourdalakis. “It simply can’t.” The size of the public sector has already been cut by more than 40% over the last five years of austerity, putting around 400,000 civil servants out of work. Pensions have already been reduced so drastically that nearly half of retirees are living below the poverty line.

And if Greece moves ahead with the bailout deal agreed this weekend, it will only push the Greece deeper into recession, shaving at least another 3% off the size of the Greek economy, which has already contracted by a quarter since 2010. “The general expectation from this deal is that we are going to have a recession throughout the year and most probably the next year or two,” says Georgios Daremas, a Syriza member and adviser to the Greek Ministry of Labor.

As the pain of that contraction weighs on the Greek people, the ruling government will have to answer for it at the polls. And some factions within the Syriza party already seem to be preparing for that outcome. “The Greek people will not accept it,” Minister Lafazanis said of the latest bailout. “They will void the agreement through their struggles and unity.”

As long as Greece remains a democracy, its people will have a chance to reject austerity by electing whatever leaders promise to resist it. And depending on how the fissures within the Syriza party play out this week, those leaders could ultimately emerge from the most radical wing of the party, armed with yet another mandate to go to Brussels and demand a break on Greece’s debts. It could take a few months or a few years. But Europe would then be right back where it started, having wasted a lot of time and cost Greece a whole lot more heartache.

This article was originally published by Time.com.

About the Author
By TIME
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

Target worker stocks shelves
SuccessJobs
Target is starting to track employees’ unexcused lateness and absences with a points system—and if they rack up 12, they’re fired
By Emma BurleighJune 29, 2026
44 minutes ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: ‘sadly,’ it makes the world a worse place
SuccessMacKenzie Scott
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: ‘sadly,’ it makes the world a worse place
By Sydney LakeJune 29, 2026
1 hour ago
Dave Portnoy
SuccessCareers
Dave Portnoy quit an $80K sales job to start Barstool—he hand-delivered papers in a secondhand van while living with his girlfriend’s mom for 6 years
By Preston ForeJune 29, 2026
1 hour ago
Coworkers watching World Cup at a bar
NewslettersFortune Workplace Innovation
How smart employers are turning the World Cup into a workplace win
By Emma BurleighJune 29, 2026
4 hours ago
Ray Dalio attends the Fortune Global Forum Riyadh 2025 on October 27, 2025 in Riyadh, Saudi Arabia.
SuccessRay Dalio
Ray Dalio was a ‘below average’ student who got into investing by caddying for Wall Street traders: Now he hires talent who have experienced hardship
By Eleanor PringleJune 29, 2026
5 hours ago
As JPMorgan’s CEO race heats up, the case for a two-person succession contest is put to the test
C-SuiteNext to Lead
As JPMorgan’s CEO race heats up, the case for a two-person succession contest is put to the test
By Ruth UmohJune 29, 2026
6 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
4 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
2 days ago
Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO
Success
Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO
By Orianna Rosa RoyleJune 28, 2026
1 day ago
Cristiano Ronaldo is soccer's first-ever billionaire: He went from begging for burgers outside McDonald's to landing a $400 million contract
Success
Cristiano Ronaldo is soccer's first-ever billionaire: He went from begging for burgers outside McDonald's to landing a $400 million contract
By Preston ForeJune 28, 2026
1 day ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
1 day ago
Iran is forcing the U.S. into an escalation trap as a 'shadow war' over the Strait of Hormuz heats up that could kill the tenuous ceasefire
Politics
Iran is forcing the U.S. into an escalation trap as a 'shadow war' over the Strait of Hormuz heats up that could kill the tenuous ceasefire
By Jason MaJune 28, 2026
23 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.