Analysis

An UN-proposed peace deal for Libya was signed late Saturday, 11 July 2015, in Morocco by some of the country’s political factions. The agreement was widely hailed as a move towards stability in the war-torn country. The deal lays the foundation for the establishment of a national unity government and the granting of legislative authority to the Tobruk-based assembly.

Taking time out of the Greek crisis, Chancellor Merkel set off on a tour of the Western Balkans (8-9 July), reassuring the nations of Albania, Serbia and Bosnia-Herzegovina of her support for their eventual joining the European Union. The three Balkan countries have long been campaigning to be part of the 28-nation bloc and see their candidature jeopardized by the EU’s preoccupation with what is happening with Greece.

The “No” has won a landslide victory in Greece´s referendum on the draft agreement presented by “The Institutions” on 25 June with more than 61% of the votes cast. Greece’s governing party, Syriza, had strongly campaigned for the “No” and two-thirds of the Greeks who went to the polls on Sunday backed them up.

The heads of state and government of the Eurozone met on 22 June in Brussels to attempt to find an agreement on the continuation of Greece’s bailout. A sense of urgency accompanied the summit, resulting from the imminence of a potential Greek default and a run on deposits in Greek banks. At the conclusion of the Summit, President of the European Commission Juncker stated that he was “convinced that we will come to a final agreement this week, because we have to.” In anticipation of the Summit, Greece submitted a final proposal containing new measures for addressing its economic and financial situation, which were discussed by the finance ministers of the Eurogroup prior to the Summit

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