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Alexis Tsipras has agreed to negotiate another three-year memorandum with European partners. The talks will start immediately after the parliamentary voting on the required measures.

Amount of financing

The new agreement provides for a loan of 86 billion euro from the European Stability Mechanism (ESM). The International European Fund (IMF) will participate as well by transferring 16 billion euro from the current programme. The Greek government fought against the involvement of the IMF but failed to prevail.

• Development package of 35 billion euro (the so-called "Juncker Package").

• Debt restructuring: the Eurogroup and the European leaders have excluded a nominal debt haircut, preferring an "important package of measures to support the sustainability of Greek debt."

Fund for privatization of state property - 50 billion euro

The Greek government has failed to prevent the headquarters of the fund being transferred in Luxembourg and it will be in Greece. The fund will control all state assets whereas the money obtained from the property sale and utilization will be distributed as follows: 25 billion euro will support banks, 12.5 billion euro will serve the debt and the remaining 12.5 billion euro will be directed to investments at the discretion of Greece.

• Supervision by, and presence of, the three institutions in Greece

What measures will the parliament vote on Wednesday?

Until 15 July, Greece has to vote in parliament four laws on the following measures: reforms in the pension system and social security, VAT increase, reforms in the labour market, and a law on the absolute independence of the statistical service ELSTAT.

All measures of the new agreement:

• VAT on restaurants immediately increases from 13% to 23%.

• VAT on hotels rises from 6.5% to 13% as of October 2015.

• Gradually reducing VAT on the islands as of October 2015.

• Gradually increasing the retirement age as of July 2015. In 2022, it will reach 67 years or 62 years in the event of 40 years of service.

• The above measure excludes heavy and unhealthy professions and mothers of disabled children.

• Gradually eliminating the social solidarity benefit for all pensioners by the end of 2019.

• Increasing the health insurance contributions of pensioners from 4% to 6% in the main and supplementary funds.

• Merging all additional health insurance funds until 1 January.

• Privatisation of the independent power transmission operator.

• Reforming the labour market and applying the instruments of the Organization for Economic Cooperation and Development.

• Opening shops on Sundays, changing the ownership of pharmacies, dairies, bakeries, opening of closed professions.

• Reducing defence spending by 100 million euro in 2015 and 200 million in 2016.

• Competitions for the sale of Piraeus and Thessaloniki ports by the end of October 2015.

• Completing the competitions for the airports and railways in the country as well as for Egnatia Highway and the old airport in Athens.

• Introducing a unified payroll table for public sector wages from 1 January 2016 and determining wages in accordance with the qualities and responsibilities required for occupying a specific post.

• A new permanent plan for mobility in the public sector as of October 2015.