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Greek bailout details pored over across Europe

Published:Wednesday | August 12, 2015 | 9:39 AM
Greek Prime Minister Alexis Tsipras.


Details of Greece's latest bailout package were being pored over across Europe yesterday as Prime Minister Alexis Tsipras insisted the agreement with creditors would put "a definitive end" to the country's economic uncertainty.

Tsipras has called an emergency session of parliament to discuss and vote on the bill, which includes painful tax hikes and spending cuts, in time for a possible meeting of the eurozone's 19 finance ministers tomorrow.

The agreement must be finalised so funds on offer can be released in time for Greece to avoid defaulting on a big debt repayment to the European Central Bank on August 20.

The three-year bailout is worth about 85 billion euros ($93 billion).

To restore trust and rebuild confidence they say has been damaged over the past few months, Greece's creditors have insisted that lawmakers approve about 40 pieces of legislation by today, and meet several other conditions by October.

Although Tsipras is facing fierce opposition from hardliners within his left-wing Syriza party over the bailout, the bill is expected to pass in the 300-member parliament as lawmakers in pro-European opposition parties have said they will back the agreement.