German parliament to vote on Greece’s bailout package

After France and Finland backed up the €86bn bailout deal in their respective parliaments, the time has come for German MPs to give the official go-ahead to Greece’s rescue.


Germany chancellor Angela Merkel has asked her parliamentary counterparts to vote for the deal by stating that she was “absolutely convinced” that it was the right thing to do.


While Prime minister Alexis Tsipras managed to get Greek MPs to vote for the package on Thursday, he did so while losing government majority.


According to reports in Germany, Merkel could face some similar losses, albeit to a much lesser extent, for several MPs in her centre-right CDU-CSU alliance stated that they will vote against the deal.


Elsewhere, the European Central Bank has decided to increase the level of emergency funding available even if credit controls limited to 60 euros daily withdrawals will only be eased gradually.


However, Greek banks will finally reopen on Monday after nearly 3 weeks of closure.


To boot, Deputy Finance Minister Dimitris Martas also stated that “If someone doesn’t want to take 60 euros on Monday and wants to take it on Tuesday, for instance, they can withdraw 120 euros, or 180 euros on Wednesday’’, thereby suggesting that a weekly limit might replace the daily cap.


Eurozone ministers have also agreed to a €7bn bridging loan from an EU-wide fund in order to keep Greece economically alive.


As such, the country will be able to repay its loans to the ECB and IMF on Monday.


Priscilla Camryn By: Priscilla Camryn