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Greek parliament approves 3rd bailout after overnight session

Staff writer ▼ | August 14, 2015
The Greek parliament has approved a draft law enacting a third bailout plan. The votes of opposition MPs were crucial for the legislation to pass after the debate dragged out through the night and well into the morning.
Greek parliament
Greece and Europe   The package of Greek reforms
A majority of the 222 members of parliament voted Yes to the package of reforms, with 64 voting No and 11 abstentions. The deal which includes tax rises and spending cuts in exchange for free loans was met with much opposition within the Greek parliament.

Key ruling Syriza party members, including former Finance Minister Yanis Varoufakis, voted against the bill, while some of his allies abstained.

The €85 billion loans-for-austerity program proposed by the Troika creditors was ratified Friday. If the bailout is ratified by the Eurozone ministers later Friday, Athens may receive loans of up to €25 billion in a first tranche.

Greece is due to make a €3.2 billion repayment to the European Central Bank on August 20.


 

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