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

Trendingnow

1

Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

2

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

3

Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45

1

Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

2

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

3

Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
LeadershipGreece

Greece’s Alexis Tsipras faces political revolt after bailout approval

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
August 14, 2015, 4:28 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

By Lefteris Papadimas and Deepa Babington

ATHENS, Aug 14 (Reuters) – Greek Prime Minister Alexis Tsipras faced the widest rebellion yet from his leftist lawmakers as parliament approved a new bailout programme on Friday, forcing him to consider a confidence vote that could pave the way for early elections.

After lawmakers bickered for much of the night on procedural matters, Tsipras comfortably won the vote on the country’s third financial rescue by foreign creditors in five years thanks to support from pro-euro opposition parties.

That cleared the way for euro zone finance ministers to approve the deal totalling 86 billion euros ($95 billion) over three years. This they did on Friday evening, albeit with stringent conditions.

The vote laid bare the anger within Tsipras’s leftist Syriza party at the austerity measures and reforms which he accepted in exchange for the bailout loans. Altogether 43 lawmakers – or nearly a third of Syriza deputies – voted against or abstained.

The unexpectedly large contingent of dissenters, including former finance minister Yanis Varoufakis, heaped pressure on Tsipras to clear the rebels swiftly from his party and call early elections in the hope of locking in popular support.

Tsipras remains hugely popular in Greece for trying to stand up to Germany’s insistence on austerity before relenting under the threat of a euro zone exit. He would be expected to win again if snap polls were held now, given an opposition that is in disarray.

“I do not regret my decision to compromise,” Tsipras said in parliament as he defended the bailout from euro zone and International Monetary Fund creditors. “We undertook the responsibility to stay alive over choosing suicide.”

But the vote left the government with support from within its own coalition below the threshold of 120 votes in the 300-seat chamber, the minimum needed to command a majority and survive a confidence vote if others abstain.

In response, government officials said Tsipras was expected to call a confidence vote in parliament after Greece makes a debt payment to the European Central Bank on Aug. 20 – a move that could trigger the government’s collapse and snap elections.

A senior lawmaker, Makis Voridis, from the opposition New Democracy said his party would vote against Tsipras’s coalition, raising the odds it would be toppled.

Still, some of those who rebelled on Friday could still opt to support the government in a confidence vote, as could other pro-European parties such as the centrist Potami and the centre-left PASOK, leaving the final outcome unclear.

FIGHT STARTS

Friday’s vote was only the latest in a series of events highlighting the rift within Syriza, which stormed to power this year on a pledge to end austerity once and for all, before Tsipras accepted the new bailout to avoid a banking collapse.

The leader of Syriza’s far-left rebel faction, former energy minister Panagiotis Lafazanis, took a step toward breaking away from the party by calling for a new anti-bailout movement.

“Syriza accepted a new, third bailout – austerity that goes against its programme and pledges,” Lafazanis told Efimerida Ton Syntakton newspaper, adding that this “will open the way for a mutation of Syriza with an uncertain ending”.

Syriza would be weakened by the departure of the faction led by Lafazanis.

“While an early election could be helpful in terms of removing hardliners from a Tsipras-led Syriza and, possibly, forcing the party to adopt a more centrist stance, the most likely outcome will be another fragmented parliament in which no party controls an absolute majority,” said Wolfgango Piccoli, an analyst at Teneo Intelligence.

“This means that the ‘new’ Syriza – the party likely to win the largest amount of votes and seats – will have to strike another coalition deal to govern.”

Following the ministers’ approval, the deal needs ratification by Greece’s euro zone peers, notably by parliament in Germany – the biggest contributor to Greece’s bailouts and where public opinion opposes lending any more money to Athens.

Once the final hurdles have been overcome, aid can start to flow so that Athens can make the 3.2 billion euro debt payment to the ECB on Thursday and avoid a default.

Other more long-term concerns also remain. The IMF has made clear it would participate in the programme only if Europe agreed to ease Greece’s huge debt burden.

Berlin opposes writing off any Greek state debt, although it is open to the idea of extending grace periods before Athens has to start paying interest and principal on its bailout loans.

Tsipras has long argued Greece cannot repay all its debts and demanded a partial write-off. The creditors have agreed to consider the issue only after a review in October of the government’s implementation of its side of the deal.

($1 = 0.9005 euros) (Additional reporting by Karolina Tagaris, Michele Kambas and George Georgiopoulos, Writing by Deepa Babington and David Stamp; Editing by Mark Heinrich)

About the Author
By Reuters
See full bioRight Arrow Button Icon

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

The real hurdle to enterprise AI isn’t fixing productivity KPIs. It’s ‘unlearning’ old habits, experts say
Future of WorkBrainstorm Tech
The real hurdle to enterprise AI isn’t fixing productivity KPIs. It’s ‘unlearning’ old habits, experts say
By Sebastian HerreraJune 11, 2026
3 hours ago
Agility Robotics Chief Executive Peggy Johnson speaks on stage at Brainstorm Tech 2026 in Aspen, Colorado.
AIBrainstorm Tech
Tech leaders argue AI’s real future Is task augmentation, not mass layoffs
By Sebastian HerreraJune 11, 2026
4 hours ago
The head of Claude Code hasn’t ‘written a line of code by hand’ in 8 months
ConferencesBrainstorm Tech
The head of Claude Code hasn’t ‘written a line of code by hand’ in 8 months
By Nick LichtenbergJune 11, 2026
4 hours ago
Gen Z intern speaking during meeting
SuccessJobs
Ken Griffin’s Citadel companies just hired 350 interns—only 0.36% of over 115,000 young applicants made the cut
By Emma BurleighJune 11, 2026
5 hours ago
Shaun White, wearing a jacket with a fur-lined hood, looks up.
SuccessBrainstorm Tech
Olympic champion Shaun White says AI is ‘leveling the playing field’ for professional athletes
By Sasha RogelbergJune 11, 2026
6 hours ago
Meet the SpaceX employees who are set to become multimillionaires thanks to its IPO: from execs to even welders
SuccessWealth
Meet the SpaceX employees who are set to become multimillionaires thanks to its IPO: from execs to even welders
By Preston ForeJune 11, 2026
6 hours ago

Most Popular

Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer
Energy
Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer
By Sasha RogelbergJune 10, 2026
1 day ago
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
3 days ago
Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
Innovation
Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
By Amanda GerutJune 9, 2026
2 days ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
3 days ago
Current price of oil as of June 10, 2026
Personal Finance
Current price of oil as of June 10, 2026
By Joseph HostetlerJune 10, 2026
1 day ago
Corporate America has been draining the world's water. Matt Damon's new campaign calls on Gap, Starbucks, and Amazon to help give it back
Environment
Corporate America has been draining the world's water. Matt Damon's new campaign calls on Gap, Starbucks, and Amazon to help give it back
By Catherina GioinoJune 9, 2026
2 days 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.