Greece still negotiates on third bailout measures

Third bailout ongoing after Greek government accepts EU reforms

Photo by: Reuters
Photo by: Reuters

Greek Finance Minister Euclid Tsakalotos listening to parliamentary debates

Greece still on negotiations table about third bailout that will secure another loan to country after Prime Minister Alexis Tsipras accepted its creditors’ austerity measures

Greece is expecting to get 86 billion euros (about $94 billion) from its international creditors in new bailout plan, however, the country has to go through a three year reform programme to satisfy creditors’ demands to release funds.

Earlier this month, the European leaders and Greek government agreed on a conditional bailout programme, following 17 hours of negotiations in Brussels, in an attempt to eradicate the possibility of Greece dropping out of the eurozone.

The measures from the first bill on July 16 passed with 229 votes in favour in the 300-member Greek parliament despite opposition from various Greek politicians including from the left faction of the Syriza party, 38 members of which abstained or voted against the legislation.

German Finance Minister said that talks with Greece should be continued.

However, the talks were interrupted for security reasons.

In the meantime, former Greek finance minister Yanis Varoufakis had admitted that he composed a team through which a parallel payment system plan would be able to switch payments from euro to Greece’s old currency, drachma where he stated that the project was approved by Prime Minister Alexis Tsipras.

It all came after Varoufakis resigned this month and Euclid Tsakalotos took the reins of the finance ministry.

Ever since, riots have taken place in the country due to the acceptance of the austerity measures as Greek citizens had participated in a referendum held on July 5, in order to accept or reject the creditor’s demands.

TRTWorld and agencies