Greek PM keeps lid on party rebellion to pass bailout vote

Greek PM keeps lid on party rebellion to pass bailout vote

Greek PM keeps lid on party rebellion to pass bailout vote

Written by Staff Writer

23 Jul, 2015 | 9:56 am

Greece has taken a crucial step towards a bailout after its parliament passed a crucial second set of reforms.

The passage of the measures means that negotiations on an €86bn European Union bailout can begin.

The reforms include changes to Greek banking and an overhaul of the judiciary system.

There had been fears of a rebellion by MPs but Greek Prime Minister Alexis Tsipras was easily able to muster the support required. In total, the measures received 230 votes in favour and 63 against with five abstentions.

Representatives of the European institutions that would provide the bailout funds will begin negotiations in Athens on Friday.

Last week, Greece passed an initial set of austerity measures imposed by its creditors. These were a mix of economic reforms and budget cuts demanded by the eurozone countries and institutions before bailout talks could continue.

This second set of measures passed early on Thursday morning were of a more structural nature, including:

  • A code of civil protection aimed at speeding up court cases
  • The adoption of an EU directive to bolster banks and protect savers’ deposits of less than €100,000
  • The introduction of rules that would see bank shareholders and creditors – not taxpayers – cover costs of a failed bank

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