Greek Tragedy ambushed aur MUGAMBO KHUSH HUA! Global order of free market economy BAILED OUT for the time being and the caste race class hegemonies beyond borders worldwide might celebrate yet another BULL RUN Casino Carnival as Humanity defeated once again and the robots win! Celebrations for headless PRAWNS!Now get ready to set for PRAWN PPP Recipes! EU, IMF say Greek proposals form basis for bailout talks! The crisis managed but it might hit the Global order yet again!Be Aware investors! Palash Biswas

Greek Tragedy ambushed aur MUGAMBO KHUSH HUA!

Global order of free market economy BAILED OUT for the time being and the caste race class hegemonies beyond borders worldwide might celebrate yet another BULL RUN Casino Carnival as Humanity defeated once again and the robots win!

Celebrations for headless PRAWNS!Now get ready to set for PRAWN PPP Recipes!

EU, IMF say Greek proposals form basis for bailout talks!

The crisis managed but it might hit the Global order yet again!Be Aware investors!

Palash Biswas

Celebrations for headless PRAWNS!Now get ready to set for PRAWN PPP Recipes!

The breaking news from Athens: 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.

Stop! Look at the big BUT!But in an ominous sign for the stability of the government, 10 members on the ruling benches abstained or voted against the measures and another seven were absent, leaving Tsipras short of the 151 seats needed for a majority of his own.

The crisis managed but it might hit the Global order yet again!Be Aware investors!

Meanwhile,China evacuates 800,000 people in east in anticipation of Typhoon Chan-hom which we might not imagine in Indian Calamity!

Greek Prime Minister Alexis Tsipras (C) is congratulated by lawmakers after a voting session at the Parliament in Athens, Greece, July 11, 2015.

EU, IMF say Greek proposals form basis for bailout talks!

Why not?

Global Order Calamity right into the heart of the developed world,the Europe,the mother of capitalism and imperialism siblings,managed with surgical precision!No blood shed at all!

The VOLCANO rains roses for the Guillotine!

It turns to be a Greek Comedy rather hitherto non existing!

Lo!Global order of free market economy BAILED OUT for the time being and the caste race class hegemonies beyond borders worldwide might celebrate yet another BULL RUN Casino Carnival as Humanity defeated once again and the robots win!

Just remember,how Olivier Blanchard rules out further IMF funding for Greece until old arrears are cleared.

"There should be no doubt that exit from the Euro would be extremely costly for Greece and its creditors," said the International Monetary Fund's (IMF) Chief Economist Olivier Blanchard, writing in his blog on imfdirect, the Fund's global economy forum.

Underlining the Fund's commitment to providing assistance, Mr. Blanchard ruled out further IMF funding for Greece until old arrears are cleared. Greece defaulted on a loan repayment of €1.55 billion due to the IMF on June 30. Greece owes a total of €6.95 billion to its creditors in July alone, of which €452 million is owed to the IMF.

Taking on the main critiques of the 2010 bail-out programme for Greece, Mr. Blanchard said he wanted to clarify points of contention and support a way forward.

Refuting the claim that the 2010 programme only raised debt levels and demanded excessive fiscal adjustment, Mr. Blanchard argued that without assistance, Greece would have had to make fiscal cuts of between 20-25 per cent of GDP, leading to more severe adjustments and higher social costs than under the five-year bail-out programme. 'Mr. Blanchard also countered the criticism that finance provided to Greece was simply used to pay back foreign banks, saying that while it was correct to say that Greece's debt was not restructured for two years, it was due to fears of contagion risk — the risk that macro-economic shocks in once country are transmitted through price-level changes, for example, to other countries.

"Whether these reasons were good enough can be argued one way or the other," he said, adding, "In real time, the risks were perceived to be too high to proceed with restructuring."

A portion of the bail-out funds were allocated to paying off short-term creditors – so households and individual depositors were paid back in addition to foreign banks, Mr. Blanchard argued.

Responding to the widely held view that growth-destroying structural reforms and fiscal austerity have caused economic depression, Mr. Blanchard said the "dismal productivity record" of Greece required reforms — including in tax administration, collective bargaining, the judicial system, pensions and reducing barriers to entry for professions, and these were not undertaken to a sufficient degree.

Fiscal consolidation only explained a fraction of the output decline, according to the economist. "Output above potential to start, political crises, inconsistent policies, insufficient reforms, Grexit fears, low business confidence, weak banks, all contributed to the outcome," he said.

Greece's Prime Minister, Alex Tsipras, drew up a new bail-out plan which he shared with the "Troika" — the IMF, the European Commission (EC) and the European Central Bank (ECB) — by the creditors' deadline of Thursday night.

The new proposal has many similarities to the old proposal, and includes increases in value-added tax, increases in retirement age, dismantling tax breaks for most Greece islands, defence spending cuts of €300 million, and phasing out 'solidarity grants' for retires. "The room for agreement is extremely narrow, and time is of the essence," Mr. Blanchard said. The Greek parliament will vote on the new proposal later Thursday evening.

The measures, which received an initial green light from the European Union and International Monetary Fund before a crucial meeting of the 19 euro zone finance ministers in Brussels, were passed with the support of pro-European opposition parties.

With Greece's banks shut and completely dependent on a credit lifeline from the European Central Bank, the measures were seen as a last chance to avert financial collapse and prevent Greece from being pushed out of the euro.

Euro zone sources said bailout talks are now very likely after the European Commission, European Central Bank and IMF told euro zone governments after a review of Tsipras's proposals that they were sufficient basis to start negotiating conditional loans from the currency bloc's ESM bailout fund.

Prominent leftwingers in his Syriza party signaled before the vote that they could not support the mix of tax hikes and spending cuts proposed by Tsipras, following the rejection of similar austerity measures by voters in Sunday's referendum.

Energy Minister Panagiotis Lafazanis, Deputy Labour Minister Dimitris Stratoulis as well as the speaker of parliament, Zoe Constantopoulou, all called "Present", in effect abstaining from the vote and withholding their support from the government.

"The government is being totally blackmailed to acquiesce to something which does not reflect what it represents," Constantopoulou said.

Following the vote, where many leftists in his own party were stunned by his acceptance of previously spurned austerity measures, Tsipras said he would now focus on securing a deal.

"The parliament today gave the government a strong mandate to complete the negotiations and reach an economically viable and socially fair agreement with its partners," he said.

"The priority now is to have a positive outcome to the negotiations. Everything else in its own time."

The European Commission, European Central Bank and International Monetary Fund have told euro zone governments that proposals from Greece for a bailout loan are a basis for negotiation, an EU official said on Saturday.

"The three institutions have made a first joint assessment of the Greek reform proposals submitted Thursday night. Under certain conditions, they jointly see the proposals as a basis for negotiating an ESM program. This assessment was sent to the Eurogroup president last night," the official said.

That recommendation is an important step before the Eurogroup of euro zone finance ministers meets at 1300 GMT in Brussels to decide on Athens' request for help from their European Stability Mechanism bailout fund. Ministers' advisers are due to meet in the Euro Working Group at 0800 GMT.

The EU official said the three institutions gave their assessment of economic reform proposals made by Greece, which would be conditions for receiving a loan, and also gave an opinion on whether Athens met eligibility criteria for help.

As per media streaming, following is the latest news on Greece's debt crisis after Prime Minister Alexis Tsipras won backing from lawmakers for painful reform proposals aimed at obtaining a new international bailout. All times are in GMT.

Saturday

0707 - The European Commission, European Central Bank and International Monetary Fund have told euro zone governments that proposals from Greece for a bailout loan are a basis for negotiation, an EU official says.

0208 - Greek Prime Minister Alexis Tsipras claimed a strong mandate to complete negotiations with international creditors after winning the backing of parliament over a painful new package of reform measures.

0044 - The Greek parliament voted overwhelmingly on Saturday in favour of authorizing the left-wing government of Prime Minister Alexis Tsipras to negotiate with international creditors on the basis of a reform programme unveiled this week.

Friday

2231 - The European Commission, European Central Bank and the International Monetary Fund have given a positive assessment of the Greek government's request to start negotiations on a new bailout, a person close to the matter said.

2224 - Greece's third largest political force, the far-right Golden Dawn party, said it will not back government proposals submitted to the country's creditors in a race to reach a cash-for-reforms deal and avert bankruptcy.

2206 - The leader of Greece's main opposition party, New Democracy, said it would back attempts by the government to seal a deal with international creditors to stave off financial meltdown.

2154 - Prime Minister Alexis Tsipras defended the painful bailout proposals his leftwing government presented to parliament, saying they were difficult measures but would help keep Greece in the euro zone.

2126 - Greece's finance minister pledged to strive for maximum gains for Greeks in aid talks with lenders, saying a referendum in which voters rejected creditors' demands had strengthened their standing in negotiations.

1746 - The White House said it welcomed the latest proposal by Greece to resolve its debt crisis and that it was something for Athens' creditors to weigh.

1556 - A Metron Analysis poll shows 84 percent of Greeks favour keeping the euro, 12 percent would prefer a return to the drachma, and 45.6 percent would vote for PM Tsipras's Syriza party if there were parliamentary elections.

1537 - Greece will succeed in transferring bonds currently held by the ECB to the European Stability Mechanism, a long-standing demand by Athens, Finance Minister Euclid Tsakalotos tells parliament.

This would allow Athens to avoid paying the central bank almost 7 billion euros from maturing bonds due over the next few weeks. However, it remained unclear how such a transfer would be possible.

1514 - Greece's banks will need 10-14 billion euros of fresh capital to keep them afloat and more time before they reopen, even if a deal is reached with European creditors on Sunday, a senior Greek banker tells Reuters.

1359 - Lithuanian President Dalia Grybauskaite says Greek reform proposals submitted to the euro zone appear insufficient: "It is probably too early to evaluate them because they are based on old information and it seems those proposals will really not be enough."

1319 - Greece's main opposition conservatives say they will back the leftist government of Alexis Tsipras to secure a cash-for reforms deal with the country's international creditors that will keep the country within the euro zone.

1315 - Fitch rating agency says an eventual exit from the euro zone is now the probable outcome for Greece.

1310 - Russian President Vladimir Putin says Greece has not asked Moscow for aid to overcome its debt problems but says he hopes the crisis can be resolved soon.

1305 - The European Central Bank's governing council will likely hold a telephone conference on Monday to discuss emergency liquidity assistance to Greek banks, a person familiar with the matter says.

1242 - U.S. Treasury Secretary Jack Lew says Greece and its creditors appear to be closer to a deal, adding it is critical that the debt-stricken country make difficult structural reforms and adjustments to its cash flow.

1236 - Greek Prime Minister Alexis Tsipras appeals to his leftist Syriza party's lawmakers to back a tough reforms package after abruptly offering last-minute concessions to try to save the country from financial meltdown.

1223 - Greece's latest reform proposals are no basis for further negotiations on a third bailout programme, a senior German conservative lawmaker tells Reuters, adding that Greece would do better to aim for a new start with its own currency.

1214 - Five hardliners in Greece's ruling Syriza party say dropping out of the euro zone and returning to the drachma is preferable to a deal with international creditors laced with austerity and without any provision for debt relief.

1144 - Greek centrist party To Potami says it will back fiscal reforms submitted in parliament by the leftist government to secure desperately needed aid from international lenders to stave off bankruptcy.

1136 - Greece has made some progress in its proposal to creditors but it is not clear whether that will suffice, says Slovak Finance Minister Peter Kazimir.

1057 - The chances Greece will leave the euro zone this year have fallen, according to bookmakers' odds, with one firm saying the likelihood is now lower than at any time this year.

1045 - Italian, Spanish and Portuguese bond yields fall 10-15 basis points after Greece sends a package of reform proposals to its euro zone creditors in a last-ditch attempt to get new funds and avoid bankruptcy.

1035 - Significant progress is being made towards an aid-for-reforms deal between Greece and its creditors, Italian Economy Minister Pier Carlo Padoan says.

1013 - The International Monetary Fund, the European Commission and the European Central Bank are analysing proposals submitted by Greece on economic reforms and will deliver their views by the end of Friday, a European Commission spokesman says.

0947 - Greece's latest reform proposals show the Athens government is serious about making efforts to shape up its economy, a senior lawmaker in Germany's Social Democrats (SPD) tells Reuters.

0937 - A German government spokesman declines to comment on the content of Greece's latest reform proposals, and a finance ministry spokesman says Berlin will not accept any form of debt reduction for Greece that would lower its real value.

0936 - Euro zone finance ministers meeting on Saturday will discuss Greece's debt burden and whether it needs some relief as part of broader talks on whether to grant Athens' request to negotiate a bailout loan, a senior EU official says.

0929 - A senior EU official says he would be amazed if European Union leaders overturned any clear decision taken by a meeting of euro zone finance ministers on Saturday. The EU leaders are due to meet on Sunday.

0916 - Euro zone finance ministers will only discuss bridging finance for Greece to tide it over until a bailout loan is ready after they have agreed to negotiate such a medium-term loan, a senior EU official says.

0905 - Greece's latest reform proposals are a good basis for negotiation and mark an important step forward, Axel Schaefer, a senior lawmaker in Germany's Social Democrats (SPD), says.

0900 - Italian Prime Minister Matteo Renzi says he is optimistic an aid-for-reforms deal will be reached between Greece and its creditors and he hopes a quick accord will mean a meeting of EU leaders planned for Sunday will no longer be needed.

0900 - Greek industrial output tumbled 4 percent from the same period a year earlier after a three-month rise, statistics service ELSTAT says, as political upheaval and deadlocked talks with creditors hit economic activity.

0852 - Eurogroup chief Jeroen Djisselbloem says a "major decision" on Greece could be made at the planned meeting of euro zone finance ministers on Saturday.

0817 - French President Francois Hollande says negotiations between Greece and its international creditors must resume with the aim of reaching a deal after the country came up with "serious and credible" proposals.

0801 - French Economy Minister Emmanuel Macron says he is reasonably optimistic that Greece will reach an aid-for-reforms deal with its creditors.

0739 - Maltese Prime Minister Joseph Muscat says new Greek proposals setting out economic reforms Athens will undertake in the next three years appear to provide a basis for discussing a new bailout loan.

0717 - A senior member of German Chancellor Angela Merkel's party says he has trouble trusting Greece's latest proposals to its euro zone creditors as the country last week decisively rejected the austerity measures in a referendum.

0647 - Greek Prime Minister Alexis Tsipras has appealed to his Syriza lawmakers to back a fiscal plan in return for aid from creditors, a government official says.

0626 - Latvian Prime Minister Laimdota Straujuma tells German radio she would not agree to a proposal for Greece that included a debt writedown.

0534 - Greek Interior Minister Nikos Voutsis says he is optimistic the country can clinch a "good agreement" on terms of a bailout package submitted to creditors on Thursday night.

0505 - The Greek parliament will give the government a mandate to negotiate with creditors for a cash-for-reforms deal, the parliamentary spokesman of the ruling Syriza party says. (Compiled by Mark Trevelyan and Ken Wills)