#Thisisacoup: Greek deal attacked for tough terms

Greek deal details
Greek deal details   

As soon as the announcement of a third bailout deal for Greece was announced on Monday, social media went wild, slamming Germany and Europe for the strict conditions attached to the rescue, with the hashtag #ThisIsACoup dominating feeds.

Greece and the rest of the euro zone came to a deal over reforms, debt and more aid Monday morning after marathon talks in a bid to stave off bankruptcy. As well as tax rises and spending cuts, Greece's left-wing prime minister Alexis Tsipras had to agree to a placing state assets into a 50 billion euro "trust" fund and passing legislation on the reforms before it talks even start on receiving aid.

"Tsipras had to concede on almost every point," Demetrios Efstathiou, head of CEEMEA Strategy at ICBC Standard Bank, said in a note Monday. "(German leader Angela) Merkel comes out as a winner, and should be able to get the deal though the German parliament."

'Agreekment!' Overnight talks result in deal with Greece

The bailout talks, which started on Sunday and lasted 17 hours, sent Twitter into a tailspin with many users using the #ThisIsACoup hashtag to voice their anger at Germany and Europe as a whole, for its demands on – and humiliation of – Greece.

The hashtag is believed to have first been used by Sandro Maccarone after the Eurogroup of finance ministers met on Sunday ahead of euro zone leaders. Maccarone tweeted in Spanish that "the Eurogroup's proposal is a coup against the Greek people."

The hashtag quickly gained momentum and before long was being used by analysts, commentators and economists, including Paul Krugman, a well-known critic of the austerity measures advocated by Europe.

"Suppose you consider Tsipras an incompetent twerp. Suppose you dearly want to see Syriza out of power. Suppose, even, that you welcome the prospect of pushing those annoying Greeks out of the euro. Even if all of that is true, this Eurogroup list of demands is madness. The trending hashtag ThisIsACoup is exactly right. This goes beyond harsh into pure vindictiveness, complete destruction of national sovereignty, and no hope of relief."

In the past day, 312,143 people have used the hashtag, according to social media analytics site Topsy.com.

Winners and losers

Anti-establishment protesters stand near a banner that reads, 'OXI' (NO) during a demonstration against European Union's austerity in front of the Greek parliament in central Athens, on July 12, 2015.
ANDREAS SOLARO/AFP/Getty Images)
Anti-establishment protesters stand near a banner that reads, 'OXI' (NO) during a demonstration against European Union's austerity in front of the Greek parliament in central Athens, on July 12, 2015.

Despite the apparent capitulation of Greece to lender demands, the European Commission's President Jean-Claude Juncker was keen to point out that no side had been humiliated by the deal.

"There are no winners and no losers. I don't think the Greek people have been humiliated and the other European governments have not lost face. It is a typical European agreement," he said.

Thousands of social media users begged to differ, however, with many rebuking Germany for being behind the harsh conditions placed on Greece. Some went further by posting various images of the European Union made to look like the swastika emblem used by the Nazi party.

Some commentators took a more balanced view, such as Sony Kapoor, the managing director of Think Tank Re-Define, who told both sides to "calm down."

And others were keen to defend Germany, the euro zone country that has contributed the most money to Greece's two previous bailouts that were worth 240 billion euros.

A major part of the deal insisted upon by Germany was that Greece has to transfer 50 billion euros worth of public assets into a privatization fund that are sold off with the proceeds used to repay its debt.

Germany initially wanted the privatization fund to be based in Luxembourg but it will now be based in Greece. The Greek parliament now has until Wednesday to pass laws on sales tax rises and pension reform before any new rescue funds will be released.

Read MoreGreece and euro zone 'unanimously' reach deal

In addition, a number of parliaments in Europe, including Germany's, have to approve starting new bailout talks.

Speaking to CNBC after the deal was announced, president of the Eurogroup of euro zone finance ministers Jeroen Dijsselbloem reiterated that no formal aid deal had been agreed until Greece showed it was serious about reforms with legislation.

"The Greeks have to move first, show that they're credible. Show that they mean it, and at the end of the week, we will take the formal decision going for that new program."

Greek reaction

Other European politicians called for Europe to change so that a similar situation in which it found itself with Greece did not happen again. Guy Verhofstadt, leader of the European Liberals and Democrats in the European Parliament said in a note that while it was positive a deal had been reached, the negotiation process needed to change.

"It is important that a deal was reached this morning. A Grexit would have been a disaster for the Greek people and for the future of the European Union…However, the way this deal was reached is not the way the European Union should work."

"We cannot continue to allow the euro zone to be held hostage by extremes on the left and on the right. Unanimity paralyses our Union and puts countries against each other."

While most analysts said that Tsipras had had to capituilate on most reforms, that didn't necessarily make him the loser from the deal, some said.

In fact, ICBC Standard Bank's Efstathious argued, Greece "may be the ultimate winner."

"Greece has a golden opportunity to implement in record time the drastic reforms that it desperately needed and which successive governments have been unwilling to commit to," he said.

- By CNBC's Holly Ellyatt, follow her on Twitter @HollyEllyatt. Follow us on Twitter: @CNBCWorld