Greek Parliament Approves Bailout deal Friday Aug 14,2015

The Greek parliament has backed a new bailout deal after an all-night debate, despite a rebellion by many MPs in the governing Syriza party.

The deal means new loans of up to €86bn ($95bn; £61bn) will be made available over the next three years.
The first tranche will be of €26bn - €10bn to recapitalise Greek banks and €16bn in several instalments, the first of which - €13bn - will be made by 20 August, when Greece must repay about €3.2bn to the European Central Bank (ECB)

Greek Finance Minister Euclid Tsakalotos said the deal "takes Greece forward in the sense that the financial system should be much more stable from now onwards. There is a promise of recapitalisation of the banks, without any of the depositors having to bail in or anything to worry about."

Protesters gathered outside Greece's parliament all night to criticise the draft deal 

More than 40 MPs from his left-wing Syriza party voted against him on Friday Aug 14,2015

Reports in Greece suggest he will seek a vote of confidence in parliament next week, bringing the prospect of snap elections closer.
Makis Voridis, an MP with the opposition New Democracy, said his party would not support the PM in a confidence vote

The deal received:

• 222 votes for
• 64 against
• 11 abstentions

Thirty-one Syriza members voted "No", and 11 abstained - the biggest rebellion within Mr Tsipras's party so far

The deal requires tax rises and more tough spending cuts in return for an EU bailout of about €85bn (£61bn, $95bn)

The Bailout is Greece's third in five years.It is a 3-year bailout programme (2015-2018), to be provided in instalments by the EU's main bailout fund, the European Stability Mechanism (ESM). It is based on an outline agreement reached at a special EU summit on 13 July.

Prime Minister Alexis Tsipras has so far relied on the support of pro-European opposition parties to pass the controversial measures. Syriza was elected on an anti-austerity platform.

Third Greece bailout: What are eurozone conditions?

• End fuel tax benefits for farmers
• Phase out VAT (sales tax) discounts applied on Greek islands, so that they disappear fully by the end of 2016
• Scrap a range of exemptions and amnesties applied in tax collection
• Clarify who is eligible for the minimum guaranteed pension at age 67 and start phasing out most early retirement. By 2022 at the latest the statutory retirement age will be 67
• Reinstate key reforms in the healthcare system, including: scrapping price controls for medicines; increasing centralised procurement of hospital supplies
• Overhaul social welfare, to achieve annual savings of 0.5% of GDP (total national output)
• Move to tackle the problem of non-performing loans, including amending laws on insolvency
• Open up restricted professions, including solicitors, actuaries, bailiffs
• Deregulate the natural gas market
• Relaunch privatisation, including plans to sell port facilities in Piraeus and Thessaloniki and regional airports - a special asset management fund will be set up
• Reduce travel allowances and perks for state administration staff, aligning them with EU best practice
• The Greek government is required to achieve a primary budget surplus (a surplus minus interest payments) of 3.5% of GDP by 2018. The targets to reach that are: a 0.25% deficit this year, 0.5% surplus in 2016 and 1.75% surplus in 2017.