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Greek debt crisis live: Bailout deal faces resistance back home

Greek debt crisis live: Bailout deal faces resistance back home - Greek Prime Minister Alexis Tsipras is scheduled to meet his coalition partners today and convince them that the new bailout deal is going to help the country and this is without doubt a very tough task as the new deal makes it mandatory for Athens to push through draconian reforms without wasting any more time.

Tsipras has a Herculean task at hand as he needs to secure backing for the deal from the Greek people, parliament and his radical Syriza party, which came to power in January vowing to end five years of bitter austerity which was adopted by the previous government under two previous bailouts.

The agreement which Athens reached on Monday to prevent itself from crashing out of the euro requires parliament to make sweeping changes to labour laws, pensions, VAT and taxes by Wednesday.

These measures are key as only after the implementation of these steps, the 18 other eurozone leaders start negotiations over what Greece is to get in return: a three-year bailout worth up to 86 billion euros ($96 billion). This will be Greece's third rescue programme in five years.

"Grexit has gone," European Commission President Jean-Claude Juncker told reporters after the marathon 17-hour talks.

The US hailed the deal as "a credible step" on the long path to economic growth and debt sustainability in Greece. "The agreement reflects a commitment by Greece's creditors to provide financial support and help create a path for Greece to return to growth and achieve debt sustainability," said Josh Earnest, President Barack Obama's spokesman.

For his part, Tsipras noted the deal would help Greece in the long run. "We fought a righteous battle to the end," Tsipras said. "The great majority of Greek people will support this effort," he added.