Tsipras brave, says Hollande

Greek PM Alexis Tsipras might be on the receiving end of harsh criticism on the domestic front, with former comrades accusing him and SYRIZA of treason, but he seems to be gaining more and more European allies. French President Francois Hollande praised Greek PM Alexis Tsipras for accepting the terms of the third bailout plan, in a speech to French diplomats in Paris.

Eurozone Approves First Tranche of New Greek Bailout

Greece will receive immediately about EUR 23B, the first tranche of its third bailout programme, after eurozone finance ministers approved the disbursement on Wednesday evening, AFP reported.

The disbursement will allow the government in Athens to repay a loan instalment of EUR 3.4B to the European Central Bank on Thursday.

EU-28 Summit on Greece Cancelled

European Council President Donald Tusk has cancelled the summit meeting of European Union heads of government scheduled to discuss Greece on Sunday.

Tusk wrote on Twitter that only a "EuroSummit", one of leaders of Eurozone member states, will take place at 16:00 local time - when the European Council was due to begin.

EU's Juncker Urges Massive Yes Vote in Greece Bailout Referendum

Greece's government "made people [in the country] imagine wrong things after last Friday's discussions," EU Commission President Jean-Claude Juncker has said.

In a press conference aired live, he has insisted Greeks deserve to know the truth about the bailout proposals put forward by lenders last week.

Eurozone discussing 'less favorable' Greek outcomes, says Dombrovskis

Eurozone members are discussing what might happen if Greece and its creditors fail to agree a reform-for-funds deal, European Commission Vice President Valdis Dombrovskis said on Tuesday.

Dombrovskis told a news conference in the Lithuanian capital Vilnius that the Greek debt talks were supposed to have been wrapped up at the end of April and that time was running out.