Greece Ready to Begin Talks on €86B Bailout After MP Vote

July 23, 2015 Share Print 0

Greece is ready to begin formal talks on a proposed €86bn (£60bn) bailout after MPs voted for reforms demanded by its creditors.

At a late-night vote in the Greek parliament, 230 MPs backed a package of reforms, while 63 voted against. The prime minister, Alexis Tsipras, who is under growing pressure to call early elections, managed to contain the rebellion in his own ranks. A total of 36 Syriza MPs voted against or abstained on the measures, three fewer than at a similar vote last week.

The outline agreement on launching talks for a third bailout included transferring up to €50bn worth of state-owned assets to a privatisation fund, reforms to pensions, an overhaul of the VAT code and the imposition of “quasi-automatic” spending cuts if the government fails to meet targets for a primary surplus – the amount that tax income exceeds spending.

via The Guardian

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.