Recent developments in the Greek debt crisis

Greece reaches agreement with eurozone creditors on terms for a third rescue package after 17 hours of negotiations. Greek Prime Minister Alexis Tsipras agrees to tough reforms in return for talks on a three-year bailout worth up to 86 billion euros ($93 billion).

Key dates in the Greek crisis since July 13:

July 13: Greece reaches agreement with eurozone creditors on terms for a third rescue package after 17 hours of negotiations. Greek Prime Minister Alexis Tsipras agrees to tough reforms in return for talks on a three-year bailout worth up to 86 billion euros ($93 billion).

More than 60 percent of Greek voters had rejected such cuts in a July 5 referendum called by Tsipras himself.

- EU Commission President Jean-Claude Juncker rules out Greek withdrawal from eurozone, saying "Grexit has gone".

- German Chancellor Angela Merkel warns Greece and its European partners still face serious challenges before the bailout is sealed.

July 16: Tsipras gets bailout terms adopted by parliament, despite mutiny by dozens of ruling party lawmakers and violent protests in Athens.

- The European Central Bank (ECB) raises cap on emergency funding for Greek banks by 900 million euros.

- Eurozone finance ministers formally approve launch of talks with Greece. 

July 17: EU members approve a seven-billion-euro bridging loan for Athens, enabling it to meet looming debt payments to ECB and International Monetary Fund (IMF).

- German lawmakers give green light to negotiate a new bailout deal.

- Tsipras reshuffles government, axing ministers who rebelled against the bailout terms.

July 19: Merkel again rules out forgiving some of Greece`s debt but says Germany is open to flexible repayment.

July 20: Greek banks reopen after three-week shutdown estimated by the Kathimerini newspaper to have cost at least three billion euros.

- The head of Greece`s bank association says around 40 billion euros have been withdrawn from Greek banks since December.

- Taxes on a wide range of goods and services rise from 13 percent to 23 percent, but decline slightly on medicines, books and newspapers.

- Greece receives bridging loan from the EU and pays 4.2 billion euros owed to the ECB and about two billion euros to the IMF.

July 21: International ratings agency Standard & Poor`s raises Greece`s credit rating by two notches to `CCC+`.

July 22: Greek lawmakers to vote on a second set of reforms needed to obtain the country`s third bailout.

The bill covers civil justice reforms, measures to protect bank deposits of up to 100,000 euros, and moves to strengthen the liquidity of the nation`s banks.

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