Standard and Poor's could upgrade Greece's rock bottom credit rating "pretty quickly" if Monday's plan for a third euro zone bailout in five years looks like holding, the rating agency's top European sovereign analyst said.
Greece's leftwing Prime Minister Alexis Tsipras faces a showdown with rebels in his own party on Tuesday furious at his capitulation to German demands for one of the most sweeping austerity packages ever demanded of a euro zone government.
Greece will not meet a 450 million euro ($496.7 million) loan repayment to the International Monetary Fund that falls due on Monday given its severe cash crunch, two sources close to the issue said.
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Euro zone leaders set conditions on Monday for Greece to negotiate a third bailout to keep the near-bankrupt country in the euro zone.
Eurozone leaders agreed on a roadmap to a possible third bailout for near-bankrupt Greece on Monday, but Athens must enact key reforms this week before they will start talks on a financial rescue to keep it in the European currency area.
The leaders of Greece, Germany, France and the EU proposed a "compromise" on a bailout deal for Athens at late-night talks which will now be put to the rest of the eurozone, a European source said early today.
Euro zone leaders told near-bankrupt Greece at an emergency summit on Sunday that it must enact key reforms this week to restore trust before they will open talks on any new financial rescue to keep it in the European currency area.
Greece currently buys Russian gas delivered by pipeline via Ukraine and the Balkan countries
The comments from Luxembourg's foreign minister came after Germany argued that Greece could take a five-year "time-out" from the euro zone
Overwhelming parliamentary support for Tsipras's proposed spending cuts
The Greek prime minister repeatedly caught everyone off guard by taking charge of a narrative that was slipping away both at home and abroad. Now, he may be able to deliver a viable policy deal
Under the threat of a euro zone exit, Greece's govt submitted the new package of tax and pension reforms to creditors
Greek Prime Minister Alexis Tsipras won backing from lawmakers on Saturday for painful reform proposals aimed at obtaining a new international bailout, but he faced a rebellion in his own party that could threaten his majority in parliament.
But it is unclear whether all the creditors would back the latest reforms package