Greek lawmakers on Sunday approved a reform law to unlock about 8.8 billion euros ($8.9 billion) of rescue loans from the European Union and the International Monetary Fund.
The law, which was a condition for further aid instalments, passed easily with the solid backing of the three parties comprising Greece’s ruling coalition, by 168 to 123 votes.
Following parliament’s approval, senior euro zone officials will meet on Monday to approve overdue payment of 2.8 billion euros ($3.65 billion) in rescue loans, finance minister Yannis Stournaras said.
Euro zone finance ministers will then meet on May 13 to release a further 6 billion euro instalment, he added.
Greece needs that money to pay wages, pensions and bonds held by the European Central Bank that mature on May 20.
The law implements an agreement Athens struck with EU/IMF inspectors earlier this month, which allowed them to state that the country was on track to meet its bailout targets.
The legislation makes it easier to fire government employees for disciplinary reasons, extends an unpopular property tax and opens up professions such as accountants and bakers.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.