The Greek parliament has backed the country's new bailout deal after all-night talks, despite a rebellion by many MPs in the governing Syriza party.

Greece's desire to stay within Eurozone is a seriously constrained choice for its economy. This is because it will continue to plague price competitiveness of Greece's exportables in the rest of the world.

The German parliament votes in favour of starting negotiations on Greece's €86bn (£60bn) bailout deal.

Greek MPs have approved tough economic measures required to enable an €86bn eurozone bailout deal to go ahead.

Over the past couple of months, a Greek tragedy has been in the making. Doomsayers had made all kinds of prophesies – regarding Greece, Europe, the financial world, and the Euro.

A detail analysis of BBC on Greece debt crisis.

Fresh Greek bailout reform proposals submitted to Eurozone partners are cheered by France and Italy, raising hopes that a last-ditch compromise could be reached to prevent a dreaded "Grexit."

In a historical referendum on July 5, 2015, the Greek voters overwhelmingly sided with the current government in its debt negotiations with its European partners.

The Greek government has extended bank closures and a €60 (£43; $66) daily limit on ATM withdrawals until Monday.