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Athens gives greenlight to bailout deal

Published Thursday, July 16th, 2015

Greece’s proposed third bailout cleared a major hurdle late last night as lawmakers in Athens gave their backing to a set of fresh austerity measures amid a rebellion within the ruling coalition and violent protests outside parliament. Discontent and scepticism within Alex Tsipras’ Syriza party intensified in the run up to the vote with the government’s deputy finance minister tendering her resignation and the country’s parliamentary speaker urging others to do the same. Last-ditch efforts by the embattled Greek prime minister to quell the revolt did not prevent 38 members of his party from defying him and only the support of Pro-European opposition parties ensured that the package gained approval.

The extent to which the harsh economic proposals demanded by its creditors has split Greece’s ruling coalition has raised questions over Alex Tsipras’ ability to lead and is likely to trigger a cabinet reshuffle and even a potential snap election. However, such concerns will be put on the back burner for now as the outcome of the vote safeguards Greece’s position in the currency-bloc. Attention will now turn to the provision of a bridging loan so that it can meet its next debt repayment due on Monday while there will also be a decision later today by the ECB on whether  to increase its liquidity assistance to Greek banks.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.