It’s getting chaotic in Athens.
On Wednesday, Greece’s parliament will vote on whether to accept a new bailout from its European creditors.
This latest package comes with the condition that the country implement strict austerity measures and is in many ways harsher than what was rejected by Greek voters in a referendum 10 days ago.
The debate started at 10 p.m. Athens time (3 p.m. ET) and voting is expected at some point tonight.
Ahead of the session, protesters have gathered in the central Syntagma Square, and things are heating up.
CNBC’s Katie Slaman posted the clip below, which shows something like molotov cocktails being thrown.
In an earlier tweet, she noted that there was heightened security ahead of the rally and vote. Germany’s Ruptly TV is streaming a live feed of the protests here.
— Katie Slaman (@katieslaman) July 15, 2015
But, again, it is worth keeping in mind that Greece’s parliament is voting on a package of bailout measures that is worse than what Greek voters rejected in a referendum a little over a week ago.
And so while markets on Monday reacted as if the situation had been “fixed” in Greece, things over the last 48 hours have made a Greek passage of the package less clear.
Moreover, Greece’s parliament passing this package only allows Greece to begin negotiating a new bailout with its European creditors. It’s expected that on Thursday — if Greek parliament passes this deal — the European Central Bank may increase the amount of emergency assistance available to Greek banks.
As of now the, ECB’s aid has been capped, and Greek banks remain closed while capital controls — limiting the amount of money Greeks can withdraw from ATMs — remain in place.
On Tuesday, the IMF, which is seen as a major part of a new bailout package for Greece, released a report that said Greece’s current debt load is unsustainable.
The problem this poses is that IMF rules prohibit the fund from participating in a bailout of a country with a debt burden it deems unsustainable. And as Business Insider’s Mike Bird noted, there is almost no way that a Greek bailout, as currently structured — with no restructuring of debt and increased austerity measures — is likely to succeed.
And so the situation in Greece remains fluid, and this post will be updated as the situation on the ground changes.
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