In July 2015, Greece was on the brink of economic collapse, with only three days left to save the Euro. The Greek prime minister, Alexis Tsipras, was locked in negotiations with Angela Merkel, François Hollande and Donald Tusk, the president of the European council. The atmosphere was tense, with Tsipras feeling the immense pressure of his country’s fate.
The Greek banking system was on the verge of collapse, and the country was days away from running out of money. The European Central Bank had stopped providing emergency funding, and Greece was in a state of financial paralysis.
There were serious disagreements among the leaders. Tsipras was adamant that Greece would not accept any more austerity measures, while Merkel and Hollande insisted on further cuts. Tusk, on the other hand, was trying to mediate between the two sides.
After 17 hours of gruelling negotiations, a deal was finally reached. Greece would receive a bailout of €86bn over three years, in return for agreeing to implement tough austerity measures. This deal averted a Greek exit from the Eurozone, but it came at a high cost for the Greek people.
Tsipras returned to Greece with the deal, which was met with a mixture of relief and anger. Many Greeks felt betrayed by their prime minister, who had promised to end austerity. Despite this, the Greek parliament voted in favour of the deal, and the Euro was saved – for now.
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