July 17, 2018

Greek parliament approves bailout measures

Greek parliament approves bailout measures

Greece awoke with a political hangover on Thursday after parliament approved a stringent bailout programme, thanks to the votes of the pro-European opposition, amid the worst protest violence this year.

The vote, vital to unlocking emergency financing from European partners as early as Thursday, left Prime Minister Alexis Tsipras weakened by a revolt in his leftist Syriza party but clinging to power for now.

The European Central Bank’s governing council, meeting in Frankfurt, was expected to ease its funding squeeze on shuttered Greek banks, the first step towards permitting them to reopen after nearly three weeks’ closure while cash rationing and other capital restrictions will remain in place.

European finance ministers were to hold a conference call on Thursday morning to agree on a plan for 7 billion euros in bridging funds to enable Greece to meet its immediate debt service needs and avoid defaulting on the ECB next Monday. Read more


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