Greece's parliament approves austerity measures required to unlock an 86bn euros bailout deal

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Source: Dukascopy Bank SA
"I don't know if we did the right thing. But I know we did something to which there was no alternative."
- Euclid Tsakalotos, Greek Finance Minister

An overwhelming majority of Greek parliamentarians approved a raft of painful austerity measures demanded by the country's international creditors in exchange for a third bailout package worth 86 billion euros. With Greek banks being closed for more than two weeks, and the nation's economy on the edge of collapse, Prime Minster Alexis Tsipras had called for the adoption of belt-tightening measures. Tsipras admitted that while it was a difficult deal, it was the only one available and would prevent humanitarian and fiscal disaster. Some 229 lawmakers voted in favour, 64 appeared to be against, while six abstained. As many as 32 members of Tsipras' Syriza party voted no, including three of his ministers, questioning stability of the left-wing coalition government. While lawmakers were debating on whether to accept new bailout terms, protesters marched outside Greece's parliament, expressing their anger with the government.

Yet, it remains unclear whether Greece's creditors will be able to find a compromise on the bailout. The IMF has delivered an ultimatum, saying it will not participate in a rescue unless the deal offers enough debt relief, something that Germany and other Northern European countries are reluctant to agree on. Euro zone finance ministers will hold a conference call to discuss Greece later today.

© Dukascopy Bank SA

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