14th August 2015
A third Greek bailout plan has been agreed after talks that lasted through the night.
The Greek parliament has agreed to draft terms for a third bailout in five years time that would see it receive €85 billion in exchange for hiking taxes and imposing spending cuts.
Within the Greek government there were 222 votes for the deal, 64 against and 11 ministers abstained.
Prime minister Alexis Tsipras had to manage a rebellion in his Syriza party as 31 members of his party voted no and 11 abstained.
The deal came after heated exchanges in parliament as the ministers wrangled with the details of the bailout.
Greece has to meet a 20 August deadline to repay €3.2bn to the European Central Bank (ECB) and if it had failed to agree to a bailout deal the ECB would have cut emergency funding of Greek banks.
Syriza MP Panagiotis Lafazanis criticized Tsipras’ handling of the situation, and said: ‘I feel ashamed for you. We no longer have a democracy, but a eurozone dictatorship.’
Tspiras came to power on the back of his leftist policies and promise not to let the EU determine Greece’s fate and reverse spending cut but many feel he has gone back on his promise.