Greek MPs approve a second set of reforms regarding €86bn bailout


Greek MPs approve a second set of reforms regarding €86bn bailout

Following a late night meeting last night Greek MPs have now voted by a wide margin to approve the latest economic reforms demanded by its creditors.

Despite the thousands protesting in the streets of Greece against further austerity measures the Greek Prime Minister Alexis Tsipras has been urging MP´s including rebels within his own Syriza party to support the reforms demanded by their creditors in order to secure the rescue deal.

Meanwhile, the European Central Bank (ECB) has been increasing its cash lifeline to Greek banks through the emergency injection of an extra €900m (£630m), the ECB’s second in a week, which came just hours before the vote yesterday.

These mini injections are essential until Greece secures its third international bailout – the negotiations of which could not begin until Greece’s parliament agreed to the tough new reforms.

The first set of reforms, focused largely on tax hikes and budget discipline, triggered a rebellion in Syriza last week and passed only thanks to votes from pro-EU opposition parties.

The Greek government has said that once parliament adopts the second round of austerity measures, the bailout negotiations can begin and hopefully conclude by late August.

Greece is facing an additional €3.2 bn bond repayment to the ECB on August 20, and this third €82bn which is currently still in question will be vital to get by.

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