Greek debt crisis: Parliament approves third bailout deal

 
Jessica Morris
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The Greek parliament debated through the night (Source: Getty)

The Greek government approved a third bailout deal this morning, with more than half of the country's 300-strong parliament voting in favour of the deal.

Read more: The bailout alone will not save Greece now and time is running out for Alexis Tsipras

Lawmakers began wrangling over the controversial package, which requires more austerity and economic reform, just after midnight.

There had been splits within the ruling Syriza party over the €85bn (£60.7bn) programme. Prime Minister Alexis Tsipras had faced a rebellion, with some members of his far-left Syriza party refusing to accept tax rises and spending cuts.

These are just some of the reforms Greece must make in exchange for fresh aid. Other conditions include a primary budget surplus at the start of next year and tighter regulation of a repayment system for individuals who owe taxes to the state.

Read more: Greek economy shows shock growth in second quarter

Attention now turns to a meeting in Brussels due later today, where Eurozone finance ministers are expected to approve or reject Greece's third financial rescue programme in five years.

Greece hopes to receive some funding as part of the deal in time for a €3.5bn payment to the ECB on 20 August. But even if finance ministers agree to the deal, it will still need approval by several Eurozone parliaments.

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