Greece’s parliament just voted to approve the country’s bailout agreement after an all-night session.
That brings something of an end to the last eight months of political turmoil (at least on the Greek side). Prime Minister Alexis Tsipras argued in favour of the bailout, having spent six months trying to avoid one and the previous several years arguing against other (very similar) deals.
The deal means Greece has agreed to considerable further austerity measures, as well as painful economic reforms. It remains to be seen whether the radical left-wing Syriza party can survive in government bringing those sort of measures through.
The eurogroup also meets today to try and reach a final agreement on their side of the bargain. Alexis Tsipras used the event as a motivational element in his argument to parliament, telling lawmakers that German finance minister Wolfgang Schaeuble would try to reverse what had already been agreed if Athens didn’t approve the bailout deal.
There could be some speed bumps from the eurogroup — the Finnish government has voiced complaints about the deal, and suggested that it may not sign up to it. Though that wouldn’t derail the agreement totally, it would weaken Europe’s political unity even further if euro nations start dropping out of similar deals.
German newspaper Bild has reported that Greece might get bridge funding worth €6.04 billion ($US6.74 billion, £4.31 billion) if an agreement can’t be reached completely by the eurozone finance ministers.