I’m going to stop the liveblog now, although we’ll be back if here are any major developments.

Here’s out latest news story:

We’ll launch a new one in a few hours. Good night! GW

Another hint that Tsipras will shake up his government on Thursday:

A late newsflash - a government spokesman has said that the priority is to complete the bailout, rather than worry about internal divisions.

The scale of the rebellion tonight suggests that Greece could require a unity government soon.

Writing before the vote,Mujtaba Rahman of Eurasia Group predicted Tsipras would lose his majority:

Although opposition parties have been signaling opposition to join such an administration, especially at the leadership level (no political leaders in Greece want to be responsible for implementing what is a very tough deal, even if they accept this was the only option to avoid GREXIT), this may prove to be the only way possible way forward if Greece is indeed to secure a third bailout.

And while Tsipras has again reiterated the fact he does not want to head such an administration, our basecase for now, his premiership might be the only way to secure the support of Syriza MPs necessary to form it.

News of the Greek vote helped to push shares higher in Asia.

The main indices are all up in early trading, on relief that a bailout had moved another step closer.

Although Syriza’s MPs were divided over whether to back the bailout package, they were united by something else - fatigue. There were some tired faces as members exited the chamber:

After voting no, energy minister Panagiotis Lafazanis also indicated he would quit if Alexis Tsipras asked him to.

He told reporters:

“If at any point my resignation is sought it would be at the disposal of the (Prime Minister).”

“We are lawmakers of this government, we support it wholeheartedly. We support Syriza in government and we support the Prime Minister. We don’t support the bailout.”

That also suggests Tsipras’s government isn’t in immediate peril.

Energy minister Lafazanis insisted that he still supports Tsipras’s government, as he left the Athens parliament tonight.

We don’t want snap elections, he added.

In case you missed it, here’s Alexis Tsipras addressing the Greek Parliament before tonight’s vote.

Scrap that , it’s actually 229 Ves Votes - the parliament did a recount..... (so I’ve tweaked that last post)

The voting is over, and it looks as if Alexis Tsipras has suffered a sizeable rebellion, with 32 or 33 (not immediately clear) voting no and 6 abstaining.

This is a larger rebellion than last Friday, when MPs voted on whether to send Tsipras to Brussels to negotiate a third aid package.

That’s because the PM came home with a much more painful programme than hoped, which effectively makes Greece a ward of the eurozone.

Another prominent Syriza MP, and energy minister, has voted to reject the deal - Panagiotis Lafazanis, the head of the Left Platform.

The voting total is now:

• Yes: 168
• No: 49
• Present: 5
  

Around half the No votes are Syriza defectors; there are also Golden Dawn MPs.

We’re now YES: 138 , NO: 42

It’s all about the defections......

That’s 100 votes for Yes, while the No side are lagging with 32. There have been a couple of abstentions too.

Is Syriza splintering before our eyes?

It looks like the Left Platform - the radical left-wing of the movement, are rejecting Tsipras’s deal en masse.

The junior coalition party, though, are following the line:

The Yes side is leading, by 60 votes to 21 for No.

But many of those Nos are Tsipras’s own MPs.....

Varoufakis’s decision to vote NO caused quite a rumpus.

Tsipras responds -- the new bailout deal has a firmer commitment on discussing debt relief; just as soon as the first review is completed.

And we also have pledges to consider grace periods and longer debt maturities. This is a really positive thing for the country.

Despite the lateness of the hour, and the urgency of the moment, the debate continues -- New Democracy’s Vangelis Meimarakis wants to know exactly what new commitments Tsipras has won on debt relief.

There are some weary faces in the Athens parliament tonight.... this is their second late-night debate in five days, either side of the marathon summit meeting in Brussels.

Tsipras repeats that he doesn’t believe these measures on the table tonight will benefit the economy (that’s hardly a contrarian view...)

Alexis Tsipras is back on his feet to address a few points.

He reminds MPs that he has managed to agree a deal that covers Greece’s funding needs for the next three years, and which includes a commitment to debt relief. That’s a positive development - we need debt restructuring to exit the crisis.

The danger of Grexit hasn’t completely lifted, warns New Democracy’s leader.

A bad agreement is better than no agreement - but it’s your bad agreement, it has the signature of Alexis Tsipras on it, so you need to make it work.

And in conclusion, Meimarakis reminds Tsipras that he’d be in a worse position without New Democracy standing by him in this vote.

New Democracy will vote in favour of the government’s progamme, Meimarakis says. But that’s not weakness, that’s a sign of strength.

It’s now after 1am in Athens - this vote was meant to be wrapped up by midnight.

But now Vangelis Meimarakis, interim leader of opposition New Democracy, is speaking. He tells Tsipras he wasted his opportunity to reach a deal, by messing up the negotiations.

The banks are closed....because people voted for you, because of your false promises, Meimarakis adds.

Tsipras concludes his speech by vowing not to run away from his responsibilities. IE - he’s not about to resign.

We will do whatever is possible to fight corruption, Alexis Tsipras pledges.

And the Greek PM also admits that he doesn’t believe in many of the measures on the table - but had to choose between accepting the deal, or a disorderly defauly.

Despite this defiance, Tsipras can’t get away from the fact that he came back from Brussels with a deal loaded with austerity and tough reforms.

I won’t try to make this deal appear better than it is, he says. It is a difficult plan, with “hard measures”.

Tsipras is arguing that the old politics is over -- the people appreciate the difference between those who fight against unfairness, and those who surrender.

Tsipras admits that “little Greece” may have lost the war but, he says, it has left behind something v precious: it has sown the seed of democracy and resistance to a system that no one had dared tackle before.

“There was right on our side, there was economic might on theirs.” (via Helena Smith)

He goes on to say that in no way is the left going to be a “parenthesis” in Greek political life.

Tsipras says his government were supported by left-wing parties, social democrats, Greens, across Europe.

But it was centre-right, conservative parties who dealt such a blow to Greece (Angela Merkel’s CDU, perhaps?)

We faced an unfair fight, against financial powers. And we have left a heritage of dignity and democracy to Europe.

This fight will bear fruit. More applause.

Parliament must resist this blackmail, continues Konstantopoulou -- which I guess means she’s going to vote No.

The people gave a clear “No” in this month’s referendum, says Konstantopoulou - we don’t have the right to interpret it as a “Yes”, or a “No with conditions”.

Getting into her stride, Konstantopoulou says the bailout deal is a coup, a crime against humanity which could lead to social genocide.

Parliamentary speaker Zoe Konstantopoulou is now speaking -- criticising the way MPs were forced to vote through the measures so quickly (Not voted yet, though...)

Konstantopoulou says creditors have forced destructive policies on Greece, and slams Greece’s debt as odious.

And a rumour is spreading that Alexis Tsipras may speak tonight -- meaning the vote will be even later.

Currently Evi Christofilopou, MP for the opposition Pasok, is blasting the government for its handling of the crisis.

Those who wish to see the drachma will not have their way. No to drachma, yes to euro.

Here’s a live-feed without a translation, for Greek speakers among you.

Time for the vote? No, time for former deputy PM Evangelos Venizelos to speak -- and questioning whether correct processes are being followed.

But first, MPs are hearing from Panos Kammenos, leader of the junior coalition party, Independent Greeks.

He also argues that the eurozone attempted a coup, and MPs shouldn’t stand for it.

Eurozone finance ministers are due to sign off on the short-term loan to cover Greece’s immediate needs in around 12 hours, assuming MPs approve the plan.

Bong! It’s midnight in Athens, and the vote hasn’t taken place yet.

One man is missing in tonight’s parliamentary debate -- Alexis Tsipras himself, says our correspondent Helena Smith.

The Greek prime minister has caused some commotion with his refusal to address the House tonight. Word has it that at this stage he believes silence is the wiser course. To say anything would be to rachet up tensions when the atmosphere is already electric, not least among MPs in his own Syriza party.

But the great Athens rumour mill is also abuzz with speculation that Tsipras may see this vote as a vote of confidence - one that could trigger momentous developments if he suffers bigger losses than expected tonight.

The leftist leader is reported to have put in a call to the country’s head of state, president Prokopis Pavlopoulos this evening which has given added weight to speculation that he may regard the ballot as a confidence vote.

Greek media are reporting that all scenarios should now be considered, including his possible resignation if a sizeable number of Syriza MPs refuse to back the measures.

As midnight approaches in Athens, Syriza parliamentary spokesman Nikos Filis takes the stand.

He’s arguing that Greece faced a coup in Brussels last weekend, in those bailout talks. MPs must decide if they are taking part in it too.

Another To Potami MP, Harry Theoharis, suggests rebel government MPs and ministers should resign.

Now it’s economy minister Giorgos Stathakis’s turn. He admits that the agreement reached with lenders is difficult, but it will stabilise the Greek banking sector.

New Democracy are promising to support the government to get the bailout measures into law, but after that Tsipras is on his own (assuming he lasts that long as leader)

Another New Democracy MP, Kyriakos Mitsotakis, says Greece’s bailout bill has jumped by €25bn because of the damage caused to its banks.

He also acknowledges the role France played in the negotiations, by insisting that Greece should remain in the eurozone.

Correction: I thought some of the explosions we heard from Athens earlier were stun grenades, but watching that video back, they all appear to be petrol bombs. Sorry for the error.

Theodorakis also says that To Potami will NOT join a coalition government.

We will remain as the “useful” opposition, he insists.

So Tsipras can give up any hopes of shoring up his government by bringing To Potami’s 17 MPs into the fold.

Back in the Athens parliament, the leader of the centrist To Potami party is speaking.

Stavros Theodorakis says his party will vote in favour of the bailout measures tonight. He criticises Syriza MPs for trying to take Greece back to the drachma, and says Alexis Tsipras should expel them.

Theodorakis also urges Greece’s young people not to give up hope and leave:

A column of anti-austerity protesters are currently marching in a loop through central Thessaloniki, Greece’s second city, and its seafront.

The mood is calm, and not everyone is in the streets – the marchers just passed a pirate-themed ship full of revellers.

“Maybe there’s about a thousand here – with VAT,” jokes one protester, in a reference to the huge VAT hikes that the new bail-out will precipitate, inflating the cost of daily living.

There is a sense of anger, but also of disorientation – and uncertainty about what to do, and who to blame.

“I feel very confused about the situation,” says Giorgos, a middle-aged pharmacist who lost his job two weeks ago.

“I feel very angry about the memorandum, but also I have no problem for the moment with Tsipras. He was under a lot of pressure, and this is a coup.”

Giorgos is resentful of the EU, whose leaders have shown no compassion to a family like his – a family whose two breadwinners have lost their jobs. But equally he doesn’t want to leave the euro, not yet anyway.The feeling shared by other marchers.

“It’s more complicated than that,” says Varvara Kyrillidou, an Italian teacher and Syriza member protesting against her party leader’s decision.

“To leave Europe behind, we need a plan – without a plan it’s very risky for our people. And at the moment we haven’t got one.”

Greece ideally needs to sit down and have a rethink, says Kyrillidou – but she knows there isn’t time.

“We’re between two walls that are closing in on us.”

A senior member of the right-wing New Democracy party (the largest opposition group) is now speaking;

Fofi Gennimata, leader of the left-wing Pasok party, is speaking in parliament.

She criticises Alexis Tsipras for not being in the chamber, and for failing to build on the efforts of the last few years.

The situation does appear calmer.

Some Syriza MPs are saying they will support the package, but they clearly don’t welcome its measures:

Communist Party leader Dimitris Koutsoumbas is now speaking in parliament.

He says ‘History is not repeating itself as tragedy but as a farce’, as he criticises the government for signing up to such a harsh austerity package.

Reminder, a vote is expected before midnight Athens time (10pm BST, 5pm if you’re on the East Coast of the US)

Back inside the parliament building, finance minister Euclid Tsakalotos has been defending the bailout terms which Greece signed up to:

He says that Monday was the hardest day of his life, and one that will weigh on him for the rest of his life.

Tsakalotos still looks worn down from last weekend’s all-night talks in Brussels:

We should repeat that the demonstrations in Athens were peaceful, until a small group began throwing petrol bombs.

The clashes do appear to have calmed down now.

The media van set alight in tonight’s protests is now being dealt with:

More photos from tonight’s clashes are coming in:

This is the first serious trouble at a Greek protest this year, I believe.

On the streets, there is still lots of shouting and the odd explosion, and helicopters overhead.

Reuters is reporting that the Greek prime minister, Alexis Tsipras, has spoken by phone with the country’s president tonight:

The tourist area in Athens is full of a lot of very bemused looking visitors, kids asking “why does my throat sting” and frustrated shopkeepers saying “now I can’t do any business tonight.

Apologies, that CNBC Periscope feed has just stopped.

More photos from the Athens clashes:

Syntagma Square, the site of the Athens parliament, was just ringing to the occasional sound of explosions [updated]

The demonstrators (who were peacefully demonstrating a few minutes ago) have scattered, after riot police and a small group of anarchists clashed a few minutes ago.

Scores of riot police are sited at key points across the square:

Michelle Caruso-Cabrera , CNBC’s chief international correspondent, is broadcasting live on Periscope here:

Molotov cocktails in front of Greek parliament

[Watching the video again, those explosions appear to all be petrol bombs]

The clashes began just as MPs began to debate the bailout plan.

Attending tonight’s demonstration is Mikalis Simeakis, who used to work as a producer for TV and radio commercials but has been unemployed for nearly four years; he lost two jobs in succession at the start of the crisis.

He tells Emma:

“We feel there has been a coup in our country. Tsipras let down everyone. I didn’t vote him but I supported him in the referendum two weeks ago.”

“You might not see that many people here, because the government has made people think that no matter what they do nothing will change, but it doesn’t mean they want this”

“If English people want to leave the EU, we want to leave ten times more.”

Helena Smith is also in the centre of Athens, and reports that there is a “very healthy turnout” at the demo organised by Greece’s Pame communist-affiliated union.

They are chanting:

“No to the new memorandum. The wealth belongs to workers”

There are also a lot of bemused tourists looking on!

Emma reports from Athens:

The protest tonight seems relatively small, perhaps a few thousand, but police and some protesters appear to have come prepared for clashes.

There is a fairly small group of anarchists in black, many with their faces covered or carrying motorbike helmets, at the heart of the protest, and a much heavier riot police presence around the square than for previous protests I’ve been to.

Photographers have all come prepared with helmets and gas masks.

Overall, there’s a carnival atmosphere with music, lots of food stands, many old people as well as the young. The anarchists are a very small minority, she adds.

Here is Melina Kotaki, 71, in front of the Greek parliament with a sign saying “Merkel and Schäuble never again will you fly the Nazi flag on the Acropolis”.

Kotaki explains:

“It’s an allegorical reference to what happened in the war. We have a government that doesn’t understand Germany wants to destroy Europe again”

My colleague Emma Graham-Harrison is reporting from tonight’s protests:

Evi Linardi, an unemployed French teacher who thinks Greece should leave the EU, told her:

“Our life has changed 100 percent. We see poor people sleeping on our doorsteps, hungry and we don’t even have money to help them.

I haven’t had the heating for four years in winter because I can’t pay the bills.

People who never saw any of Greece’s original loans are now being forced to repay them, she adds.

More opposition to the bailout deal in Athens tonight, via Omaira:

Journalist Omaira Gill reports that some of tonight’s protesters are ready, in case the riot police fire tear gas (a familiar sight in 2011 and 2012, but not this year)

Update: a translation:

The protest rally, organised by unions who also called a 24-hour strike today, is getting underway now....

The latest word from Athens is that the vote will take place before midnight (or 10pm BST), despite attempts to delay until the morning.

Here’s a video clip of Greek deputy finance minister, Nadia Valavani, confirming her resignation - and saying she couldn’t support the bailout programme:

Members of Syriza’s youth wing are taking part in the protest outside the Greek parliament tonight:

Riot police are on the streets of Athens tonight, as a group of anti-austerity protesters call on MPs to reject the bailout terms.

Alexis Tsipras has admitted it will be difficult for him to carry on as prime minister if his own MPs fail to back him:

Greek banks can only re-open once they’ve received fresh capital and central bank funding is guaranteed, according to the ECB’s Andreas Dombret. Bloomberg reports:

“Firstly, it must be guaranteed that Greek banks will be sufficiently recapitalized within the framework of a new aid program,” Dombret said according to the text of a speech in Munich Wednesday released by Germany’s Bundesbank, where he’s also a member of the board. “Secondly, it must be ensured that there is enough available liquidity, should depositors want to withdraw more money after the opening of the recapitalized banks.”

Given that negotiations currently taking place in Brussels over the shape of interim financing for Greece have to be concluded before talks on a third bailout package can begin, Dombret’s comments signal that the ECB doesn’t think Greek lenders can re-open imminently.

Full story here.

The European Commissions assessment of Greece’s bailout signalled the possibility of debt relief and also took a less dramatic view than the IMF of the country’s debt profile.

According to Reuters, the commission said Greece’s debt to GDP ratio would be 150% in 2022 if Athens implemented reforms, compared to the 170% forecast by the IMF.

The commission said an extension of maturities of existing and new loans could be possible - depending on reforms - but it ruled out any write-offs.

Meanwhile more EU states appear to be seeking collateral for any €7bn loan from the EFSM stability fund:

Germany’s Green party apparently passed through Athens earlier to “show solidarity” with Greece, says Emma Graham-Harrison. It is rare for German politicians to be welcome in Syntagma at the moment.

Of course it is not just the Greek and German parliaments which must approve the deal:

Although maybe not:

And there may be an earlier than usual finish for the vote, given there is a deadline from Greece’s lenders to adhere to:

A deal on the bridging loan could be on the way, AFP has heard.

A reminder that the Eurogroup will tomorrow discuss whether Greece has met its commitments after the vote:

And of course, the European Central Bank meets tomorrow, with a press conference at lunchtime.

Here’s something to listen to while we wait for the Greek parliamentary vote - our politics weekly podcast discusses the bailout agreement reached earlier this week.

More from energy minister Panayiotis Lafazanis who will vote against the bailout plans:

Which seems a little...confusing.

Here’s the embrace between house speaker Zoe Konstantopoulou and Alexis Tsipras which our correspondent Helena Smith referred to earlier.

As well as Athens and Germany, there are protests planned in Barcelona too:

Alexis Tsipras has, it appears, thrown the gauntlet to his own parliamentary group, reports our correspondent Helena Smith.

Addressing MPs ahead of tonight’s crucial vote, the prime minister said: “Whoever has an alternative [solution] should come and tell me.”

Tsipras was greeted with rousing applause by the Syriza party MPs in what could be a sign that his appeal for support is working.

Tellingly, house speaker Zoe Konstantopoulou, one of the party’s loudest critics of austerity, rushed to embrace him as the meeting began.

The parliamentary session is expected to last several hours as MPs discuss the pros and cons of a deal that, if hard, will at least allow Greece to stand on its feet with secured mid-term financing and the promise of debt relief, government officials say.

The 76-strong parliamentary group of New Democracy, the country’s main opposition party, will also gather shortly. Although the party has said it will vote in favour of the deal there have been voices of dissent from MPs wondering whether the government is at all capable of enforcing the proposed reforms.

More intrigue:

And here is the resignation letter from finance ministry secretary general Manos Manousakis:

Spanish prime minister Mariano Rajoy has said he will present the details of latest Greek bailout to Spanish parliament in order to seek approval for the country’s multi-billion euro contribution, writes Ashifa Kassam.

“Although this step is not obligatory in our country, it is my intention to bring the deal before parliament for debate and possible approval... because it is a big sum that Spanish taxpayers are being asked to guarantee,” Rajoy told the lower house of parliament on Wednesday.

No date was given as to when the debate or vote would take place, but as Rajoy’s conservative People’s party holds a majority in the house, the move is largely symbolic.

Rajoy has said that Spain would end up contributing about 12% of Greece’s latest bailout package.

His stance was a reversal from two years ago, when Rajoy refused to allow the Spanish bank bailout to be debated in congress, despite requests from the opposition.

His readiness this time around could be rooted in the wide gap in how the agreement is being perceived by Spanish politicians. While Rajoy has praised the latest agreement with Greece and argued that it will create economic growth and employment, opposition parties in Spain have called it a financial coup against Athens and Syriza.

On Wednesday, in a nod to this difference of opinion, Alberto Garzón of the United Left party gifted Rajoy a copy of John Maynard Keynes’ book “The Economic Consequences of the Peace” during the parliamentary session. Published in 1919, Keynes argues that reparations imposed on Germany in the Treaty of Versailles would lead to Germany’s financial collapse and send political and economic aftershocks across Europe.

“To Mariano Rajoy,” Garzón wrote on the first page of the book. “With the hope that reason will assert itself in the face of market fundamentalism and give way to a world based on social justice as soon as possible.”

A positive sign for the chances of the deal passing in the Greek parliament later:

Federal Reserve chair Janet Yellen has said if the US economy continues to recover as expected, interest rates are likely to rise some time this year.

But in a long speech to Congress, she (briefly) mentions Greece as one of the possible problems which could affect the US economy:

Foreign developments, in particular, pose some risks to U.S. growth. Most notably, although the recovery in the euro area appears to have gained a firmer footing, the situation in Greece remains difficult. And China continues to grapple with the challenges posed by high debt, weak property markets, and volatile financial conditions.

Full speech here.

Germany believes extending maturities for Greek debt to 30 years or so is an option as long as it does not “significantly” reduce the value of the debt, Reuters is reporting.

German finance ministry spokesman Martin Jaeger said:

That is certainly an element that one can consider, but it will not be the solution if it leads to a significant reduction in the cash value (of the debt) as then we would in the end have nothing other than a debt haircut via the back door.

He confirmed that the IMF assessment of Greece - which suggested a 30-year grace period before it has to start paying off its debts - was known by EU leaders at the weekend’s summits.

Earlier EC vice-president Valdis Dombrovskis gave a breakdown of the €35bn in EU funds available to Greece under the proposed deal to help job creation and economic growth:

• €20 billion will come from the European Structural and Investment Funds
• A further €15 billion from the Common Agricultural Policy
• An additional €280 million is available for the most vulnerable
• And there is the Youth Guarantee and other forms of EU financing that are also available

And he said that given there were currently no prospects for any bilateral help, the EFSM programme was the best method of providing Greece with short term funding:

...The Commission, responding to the request from the Greek authorities, has proposed to the Council to grant short-term emergency assistance, up to 3 months, from the EFSM and to build the bridge needed until the ESM programme is in place.

The EFSM loans would then be repaid with the money from the ESM disbursements.

This is not an easy option. We are aware of serious concerns of non-Euro area Member States.

We are therefore working on arrangements to protect non-Euro area Member States from any negative financial consequences, should the EFSM loans not be re-paid.

His full statement is here:

New Start for Jobs and Growth in Greece

Reportedly only around 15 of the Syriza central committee nay-sayers (who now amount to 109 according to the rednotebook link in the tweet below) are MPs. Even so, they are clearly not happy.

A reminder, that 201 Syriza commitee members is not the same as the number of MPs. Here is our analysis from yesterday on the Greek parliament:

And the first part of the parliamentary process is over:

Former finance minister Yanis Varoufakis has been speaking in the Greek parliament and he is not happy.

Opposition to the bailout in Germany is growing, according to the Bild newspaper, especially among Angela Merkel’s CDU and CSU MPs.

In a report headlined “Now let US say Oxi”* it quotes a member of the CDU/CSU saying they expected some 50 votes against. It also speaks to a number of MPs who are against the deal.

At the time of the German vote in February on whether to extend the second Greek bailout, 542 MPs voted in favour, 32 against and 13 abstained.

The Bild report is here (in German):

Jetzt sagen WIR mal OXI!

*At the risk of stating the obvious, Oxi is of course Greek for No.

Even if a bridging loan is agreed, it won’t cover all Greece’s funding needs.

Back in Brussels, the Commission has confirmed that it is pushing for Greece’s bridging loan to come from the EFSM:

Back in Athens, deputy finance minister Nadia Valavani has resigned.

According to reports, Valavani told Tsipras early on Monday that she couldn’t accept the terms of the bailout.

Our data editor Alberto Nardelli has drawn out the key points from the IMF’s latest Greek debt sustainability analysis:

The European Commission is on a collision course with non-eurozone EU members, after proposing giving Greece a €7bn bridge loan to cover its financial obligations this month.

A document seen by Reuters shows that the money would come from the EU-wide European Financial Stability Mechanism (EFSM), despite strong lobbying yesterday by several countries including Britain.

Prime minister David Cameron won a commitment in 2011 that the EFSM wouldn’t be used for eurozone bailouts. EU lawyers, though, appears to have concluded this was a political pledge - therefore breakable, given the urgency to make sure Greece doesn’t default on its repayments to the ECB.

Reuters reports that the EFSM would raise the money from the private sector, and be repaid in three months (once Greece’s new bailout is agreed). So taxpapers wouldn’t actually stump up cash - unless the bailout deal collapses, taking the bridging loan with it....

And there are rumours swirling of a face-saving climbdown.

The Greek parliamentary speaker, Zoe Konstantopoulou, has urged MPs to stand up and show defiance against the country’s lenders.

She told today’s debate that:

“Via blackmail that is directed at the prime minister, the government and the parliament, they are aiming to realise policies that the prime minister - who I respect greatly …has himself [opposed].

Parliament should not complete this blackmail, it should not accept the blackmail being directed at the government.”

(thanks to Helena Smith in Athens for the quotes)

Konstantopoulou is also furious that such a vital piece of legislation is being rattled through parliament at lightning speed, with no time for serious debate or analysis. Not that Greek MPs are invited to make changes to the plan.

At the request of Tsipras, Konstantopoulou will not be presiding over tonight’s vote.

The debate is underway in the Athens Parliament -- it’s being streamed live here.

Despite George Osborne’s best efforts, it appears that UK taxpayers could help fund a bridging loan to Greece.

The FT’s Peter Spiegel reports that the Commission has formally proposed using the European Financial Stabilisation Mechanism — funded by all 28 EU members — to fund Greece’s immediate funding needs.

That’s going to enrage the Treasury - yesterday, George Osborne declared that the idea was a “complete non-starter”.

The Greek finance ministry has extended the country’s bank holiday again, until close of business on Thursday.

In reality, they’ll stay shut until the ECB provides more emergency liquidity.

Thessaloniki was the city where Syriza formally promised last September to end austerity if elected, in a manifesto known as the Thessaloniki programme.

Today the city’s Syriza activists are wondering what happened to it, and whether or not they should stand by their leader.

“We must not leave Syriza now,” says Giorgos Kiritsis, a former parliamentary candidate for Syriza, shortly before a major meeting of the party’s local branch.

“We must remain – to bring Syriza back to our side. If we lose the internal battle, then we should leave. But not before.”

Fighting that battle means rejecting the ‘third memorandum’, and holding new elections, he initially says.

“This memorandum is incompatible with a party of the left. I think new elections should happen and we will have a new party.”

His colleague, Georgos Archontopoulos, a local union leader and another former Syriza candidate, interjects. Would new elections achieve a new result? “Many people who vote for Syriza also voted no in the referendum,” Archontopoulos says.

“But they don’t want Grexit and they want Syriza to continue because they trust them to manage things better than the neo-liberals.”

So Kiritsis has a re-think, and concludes.

“It would be better not to go to election but for Tsipras to reshuffle the government. Throw out the neoliberal people who have a negative effect on the prime minister, and have a government of the pure left.”

Greece’s deputy PM, Yannis Dragasakis, has credited Washington with helping to get an agreement with creditors which includes a commitment to consider debt relief:

Speaking before tonight’s vote, Dragasakis said:

“I have to publicly thank the U.S. government and Mr.(President Barack) Obama as without their help and persistence that the deal has to include the debt issue and development horizon we might have not succeeded,”

Economists don’t agree on much, but there’s a strong consensus that the Greek bailout plan is badly flawed:

And Marc Ostwald of ADM Investor Services has dubbed it a “preposterous bail-out package”.

The IMF’s incendiary new debt sustainability analysis was sent to EU authorities at the weekend.

That means that the main players should have been fully briefed when they signed off on the Greek plan. So either they were wilfully obtuse, or they believe the debt relief issue can be tackled.