On 6th July the European Central Bank (ECB) left the emergency loans that it grants to the Greek banks unchanged at 89 billion euro. It did however decided to adjust the haircut on the collateral that the Greek banks will have to provide for the emergency loans. The ECB repeated this position on 8th July leaving the emergency lending levels at the same rate. This level has been the same since 26th June.

IMF Managing Director Christine Lagarde declared on 6th July that the "IMF had taken note" of the results of the Greek referendum which took place the day before. It expressed the rejection of the creditors' plan for Greece. "We are monitoring the situation closely and we are prepared to help Greece if we are asked," she added. In a paper published on 9th July Olivier Blanchard, the IMF's Chief Economist assessed criticism and prospects for Greece's future.

On 11th and 12th July meetings took place between the 19 euro zone Finance Ministers (Eurogroup) in order to prepare the meeting of heads of State and government of the euro zone. Although no conclusion was found it seems that the ministers wanted guarantees from Greece to re-establish confidence lost with the referendum and the rejection of the most recent proposals. The measures put forward on 8th July by the Greek government in exchange for a new aid plan were analysed. In this context ministers wanted more proposals to be approved before 15th July by the Greek parliament in order to be able to plan a third aid programme.

On 8th July Greek Prime Minister Alexis Tsipras spoke to the European Parliament in Strasbourg. He reviewed the "courageous choice" made by the Greek population and said that this was not one of "rupture with Europe" but that of a "return to the founding principles of Europe." He criticised the efficacy and the justification of the austerity plan implemented in Greece. However he admitted that "all of the country's ills could not be blamed on foreigners. If Greece is in this situation it is because various successive governments have governed to suit a certain population for decades, supporting corruption, colluding with economic power with no control of tax fraud on the part of the wealthiest." Finally he said he wanted to "come to an honourable compromise to avoid breaking up European tradition" - an agreement which "shows a possibility of settling the crisis" and an "agreement that includes reform."

On 9th July Greece submitted new proposals as requested by the leaders of the euro zone. Amongst the measures put forward by the government notably feature an increase in taxes on maritime transport as well as on businesses, the abolition of tax exemptions on Greek islands by the end of 2016, an increase in VAT in restaurants to 23%, the reduction of military spending, a progressive reform of retirement pensions by 2022, la deregulation of certain professions as well as the tourist sector, the modernisation of the civil service as well as privatisations. On 8th July the European Stability Mechanism formally confirmed that it has received a request for aid on the part of Greece. This comprised a necessary condition requested by the Eurogroup for them to be able to assess whether negotiations could start up again between Athens and its creditors. The Greek Parliament gave its go-head on 10th July to the draft agreement submitted to the country's creditors by Alex Tsipras's government. The text was adopted by 251 votes out of a total of 300 MPs. 8 Syriza MPs abstained and 2 voted against the plan.

The 19 heads of State and government of the euro zone came to agreement on Greece after negotiations that started on 12th July and ended during the morning of the 13th. Negotiations between the leaders of Europe were based on the Eurogroup conclusions that preceded the summit which did not reach a final agreement. The end result is the fruit of bitter discussion, a "laborious agreement" according to the President of the European Commission Jean-Claude Juncker, but which guarantees that there will be no "Grexit". Indeed "confidence has been the key issue" in discussions between certain governments who have questioned the confidence they can have in Alexis Tsipras's government said Jeroen Dijsselbloem. The agreement provides for the introduction of a new "aid programme for Greece via the European Stability Mechanism (ESM) with in depth reform and financial support." Amongst the reforms and in conjunction with those that already demanded (tax reform, pension system, civil service etc ...) feature the introduction of a fund that will take on some of Greece's assets. This fund will be based in Greece and be provided with 50 billion euro. 25 billion euro will also be allocated to the recapitalisation of the Greek banks. Moreover Greece will ask for further aid from the IMF in March 2016 after the end of the ongoing programme whilst the Eurogroup is prepared to grant extra payment time and will assess the introduction of an emergency bridging loan. The agreement now has to be approved by some national parliaments. Once the national ratifications have been achieved the leaders of Europe will have a mandate to launch official negotiations.

On 8th July MEPs adopted recommendations adopted in a resolution regarding negotiations undertaken by the European Commission on the transatlantic trade and investment partnership (TTIP) between the EU and the USA, 436 votes in support, 241 against and 32 abstentions. According to the European Parliament the TTIP should allow access by European businesses to the American market and yet protect the Union's standards. Moreover MEPs deemed that a new legal system led by publicly appointed judges, who will be subject to requirements of scrutiny and transparency should replace private arbitration under the Investor-State Dispute Settlement (ISDS) to settle trade-related investor-state disputes. To enter into force the TTIP agreement has to be approved by the Council.

On 8th July MEPs adopted a reform of the European Trading System (ETS),which is due to be operational by 2019. An agreement on this reform was previously reached informally with the Latvian presidency of the Council of the European Council, which was confirmed by the adoption on the part of the European Parliament. The reform of the ETS intends to reduce the surplus of carbon credits available for trade and thereby support the price of emission rights. This reduction should enable the achievement of the EU's goals in terms of reducing CO2 emission. To enter into force the text has to be approved by the Council in September 2015.

On 9th July MEPs approved a resolution on the Capital Markets Union (CMU) 532 votes in support, 111 against and 24 abstentions. In this non-legislative resolution they ask that the CMU enable the provision of new, more effective means to bring savings to small businesses. Moreover they are asking that the CMU guarantee protection for cross-border investors in the EU. In this regard they want the CMU pillars (wider range of investment choice, tools to attenuate risk, clear information on investment opportunities) to enter into force by 2018, to provide a complement to bank financing.

On 9th July MEPs invited the EU to make better use of the resources at its disposal in a resolution adopted 394 votes in support, 197 against and 82 abstentions. According to MEPs a 30% rise in resource productivity by 2030 might increase the GDP by nearly 1% and create 2 million of sustainable jobs. MEPs are asking the EU to revise its approach to waste management to foster a zero waste society, to rethink its legislation on ecodesign and to draft measures that will enable uncouple growth from the use of natural resources. To this effect they are calling on the European Commission to present new legislation in this area by the end of 2015.

On 9th July the European Parliament took position on copyright reform - via a non-legislative resolution, whilst the European Commission is due to put a proposal forward by the end of 2015 to modernise the latter and adapt to the digital era. MEPs have requested that future proposals on the part of Berlaymont ensure "a fair balance between rights and author/creator interests and those of the consumers." Moreover European Parliament is asking for solutions to improve access to on-line content beyond the borders in parallel to the acknowledgement of the importance territorial licences.

After an informal Council of Ministers on 9th July the German and French Interior Ministers, Bernard Cazeneuve and Thomas de Maizière, announced that France and Germany intended to accept the European Commission's initial proposal regarding the distribution of political refugees and asylum seekers. France will take in 2375 people under the resettlement process and 6752 people under the relocation process over the next two years.

On 9th July the Council adopted its position on the EU's draft budget 2016 on the basis of a compromise text put forward by the Luxembourg Presidency. The Council supported the funds put forward by the Commission in certain priority areas. These notably include the European Fund for Strategic Investment (EFSI), the external policy, migration and research. The Council's position includes a decrease in the total number of commitments to a total of 5.36% and a rise in the number of payments to a total of 0.59% in comparison with the EU budget 2015. The Council has to adopt its position in written form at the beginning of September. It will be used by the Luxembourg Presidency to negotiate the EU budget 2016 with the European Parliament.

According to a study published on 13th July by Eurostat the business investment rate in the euro zone remained stable at 21.8% in the first quarter of 2015 in comparison with the fourth quarter of 2014. The share of business profit rose for its part to total 39.7% in the first quarter of 2015 in comparison with 39.3% in the last quarter of 2014.

According to estimates published on 13th July by Eurostat household savings rates in the euro zone stabilised in the first quarter of 2015 at 12.8% in comparison with the fourth quarter of 2014. The household investment rate for its part lay at 8.2% in the first quarter of 2015 in the euro zone ie stable in comparison with the fourth quarter of 2014.

The Bertelsmann Foundation published the fourth version of its study "Sustainable Governance Indicators". This study which includes 140 quantitative and qualitative indicators, delivers an analysis of the future viability of 41 OECD countries and the European Union. More than 100 reputed experts contributed to the study. The latter measures sustainable governance around three pillars: political performance, democracy and governance.

The Zelt Musik Festival is taking place in Freiburg until 19th July. The festival rallies artists from different trends from electro to pop, rock and classical music. The festival also offers activities to children, such as workshops and shows.

From 18th July to 30th August the Salzburg Summer Festival is taking place. It is one of the most famous in the world particularly for music and opera and yearly it attracts nearly 240,000 visitors. This year they will be able to appreciate Verdi, Strauss and Beethoven amongst others.

The Fabre Museum of Montpellier is offering practical artistic workshops to children, adolescents and adults until 11th October - these have been designed as part of the temporary "Golden Age of the Painting of Naples: from Ribera to Giodarno" exhibition. The exhibition reviews the links between art and the turbulent history of Naples, from the eruption of Vesuvius in 1631 to the plague in 1656, as well as the rebellion of Masaniello in 1647. The Fabre Museum together with the National Institute of the History of Art and the National Heritage Institute in Paris is proposing a panorama of one of the most brilliant moments in Italian art.