Greece – Euro finance ministers pave way for a new loan program – Süddeutsche.de

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• The euro zone finance ministers agreed in Brussels on conditions for credit and reform program for Greece.
• Now even national parliaments have to approve.

EU finance ministers agree

The euro zone finance ministers agreed on Friday night after a six-hour special meeting in Brussels on the conditions for further reform and loan program for Greece. The applied three-year program includes planned loans totaling up to 86 billion euros. The first tranche, which could get Greece, is 26 billion euros. But before still need several parliaments in the euro zone, including the Bundestag, approve the reform program.

Brückenfinfanzierung already approved

This coming Thursday, August 20, Greece needs 3.4 repay billions of euros to the European Central Bank (ECB). If it does not come to an agreement by then, the lender Athens, however, would provide billions in loans for bridging are available from the euro bailout fund.

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More hour session

Since the Afternoon had the finance ministers of the euro countries advised on Friday at a special meeting in Brussels on the draft credit agreement and reform. Only with the approval of the Finance Minister – and the endorsement of some national parliaments – can an agreement on reforms and loans to be completed from the euro bailout fund ESM

Greece Tsipras wins – and loses Syriza

The controversial reform commitments pass Parliament. Premier Tsipras however break the supporters away. Now he has to face a vote of confidence. Analysis

Greece approved design

prerequisite for the Brussels meeting was the approval of the reform design by the Greek Parliament. The parliamentarians in Athens had voted after hours of debate by a large majority with “Yes”. Premier Alexis Tsipras however lost its majority and announced its intention to make a vote of confidence next week.

IMF and debt relief

Greece – 29 Pages that it in

to have the question of the sustainability of the Greek debt is still “a point of great concern”, Euro-group head Dijsselbloem had said before the agreement on Friday. That looks even the International Monetary Fund (IMF) that way. Therefore, the Fund will consider only the extent to which the reform program was implemented before it will contribute financially. In addition the IMF calls for debt relief for Greece. Then, however, the other creditors do not want to get involved. Especially Germany supported this issue.

Schäuble repeated before the meeting in Brussels that a binding as possible commitment of the IMF to participate in the new loan program for the federal government would be a condition for a loan package. Without the IMF, which is considered independent auditors reform, it would be much more difficult for the federal government to convince the critical deputies in the Union. The Bundestag must approve new loans and probably comes to next week for a special session together.