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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/jul/23/business-live-greece-mps-reforms-tsipras-bailout-live
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| Relief after Greek MPs pass reform bill - business live | Relief after Greek MPs pass reform bill - business live |
| (35 minutes later) | |
| 8.49am BST08:49 | |
| French bank BNP Paribas has also cautioned against assuming that the Greek crisis is now on the back burner. | |
| Analyst Andrew MacFarlane told clients this morning: | |
| Greece approved the second set of measures demanded by creditors this morning; formal negotiations on a new bailout programme can now begin, although risks remain...including differences between the IMF and European creditors on debt relief as well as concerns over whether the Greek Government will be able to implement the socially unpopular deal. | |
| Two serious hurdles, there, which may keep us all busy over the autumn. | |
| 8.34am BST08:34 | |
| Slovakia: Now Greece faces the hard part | |
| Slovakia’s finance minister has welcomed the Greek vote, but warned Athens that it actually has to implement these economic reforms: | |
| The Greek parliament vote is another step in the needed direction. We still have a long way to go #eurozone #Greece #ECB #IMF | |
| The tricky part - called implementation - comes now. The Baltics, #Ireland, #Portugal, #Spain and #Slovakia showed it can be done | |
| Peter Kažimír has limited sympathy for consumers and retailers struggling to cope with the higher sales taxes introduced this week: | |
| The introduced hike in the value added tax (VAT) is a painful measure, but means quick and instant budget revenue #Greece #eurozone #reforms | |
| #Greece, like #Slovakia, needs to focus on the effectiveness of the tax collection and the fight against tax fraud, #tax avoidance | |
| 8.27am BST08:27 | |
| ECB council member: Extending Greece's debt repayments isn't enough | |
| Italy’s central bank chief has warned that Greece’s debt problems can’t be solved simply by extending its existing loans. | |
| Reuters has the story: | |
| Extending Greece’s debt repayments would not be enough to resolve the country’s problems, European Central Bank Governing Council member Ignazio Visco said in an interview with an Italian newspaper on Thursday. | |
| Visco told daily Il Foglio that the issue of Greek debt needed to be dealt with “even by lengthening further its maturities, but it is clear that this will not be enough to overcome the country’s problems. | |
| “The cost of debt of Greece is already low, repayments are spread over time.” | |
| The IMF has suggested that a 30-year grace period may be needed for Greece, unless some of its debt mountain is actually written off. | |
| Last night, Alexis Tsipras reminded MPs that Greece’s creditors are committed to discussing debt relief once the third bailout is agreed. But with Germany insistent that nominal haircuts are impossible, it could be a struggle. | |
| 8.05am BST08:05 | 8.05am BST08:05 |
| At around 4am Athens time, the vote came too late for today’s Greek newspapers. So they focus on the splits within the Syriza party. | At around 4am Athens time, the vote came too late for today’s Greek newspapers. So they focus on the splits within the Syriza party. |
| Divorce, battle, rift: 3 newspapers headline the split within leading SYRIZA after vote #Greece pic.twitter.com/bimDOR6bwE | Divorce, battle, rift: 3 newspapers headline the split within leading SYRIZA after vote #Greece pic.twitter.com/bimDOR6bwE |
| The 36 MPs who voted No last night do present a problem for Alexis Tsipras, and meant he relied on support from opposition parties to win last night. | The 36 MPs who voted No last night do present a problem for Alexis Tsipras, and meant he relied on support from opposition parties to win last night. |
| 7.51am BST07:51 | 7.51am BST07:51 |
| European stock markets are expected to rise this morning, following the Greek vote: | European stock markets are expected to rise this morning, following the Greek vote: |
| Our European opening calls: $FTSE 6700 up 32 $DAX 11568 up 48 $CAC 5102 up 20 $IBEX 11551 up 67 $MIB 23793 up 111 | Our European opening calls: $FTSE 6700 up 32 $DAX 11568 up 48 $CAC 5102 up 20 $IBEX 11551 up 67 $MIB 23793 up 111 |
| 7.48am BST07:48 | 7.48am BST07:48 |
| Introduction: Greece takes another step to third bailout | Introduction: Greece takes another step to third bailout |
| Good morning, and welcome to our rolling coverage of the Greek debt crisis, and other events across the world economy, the financial markets and business. | Good morning, and welcome to our rolling coverage of the Greek debt crisis, and other events across the world economy, the financial markets and business. |
| There’s a touch of relief in the eurozone this morning, after the Athens parliament voted by a wide margin to accept a programme of economic reforms demanded by creditors. | There’s a touch of relief in the eurozone this morning, after the Athens parliament voted by a wide margin to accept a programme of economic reforms demanded by creditors. |
| After hours of debate, 260 Greek MPs voted in favour of the measures to shake up their legal and banking system, and just 63 opposed them. | After hours of debate, 260 Greek MPs voted in favour of the measures to shake up their legal and banking system, and just 63 opposed them. |
| That clears the way for formal talks to begin over a third bailout, which could be hammered out within four weeks. | That clears the way for formal talks to begin over a third bailout, which could be hammered out within four weeks. |
| Three government MPs who had rebelled in the first vote last week returned to the fold last night, including former finance minister Yanis Varoufakis. | Three government MPs who had rebelled in the first vote last week returned to the fold last night, including former finance minister Yanis Varoufakis. |
| Greek Parliament approves second tranche of measures despite 36 no votes in #Syriza -@yanisvaroufakis surprisingly supports #Tsipras #vouli | Greek Parliament approves second tranche of measures despite 36 no votes in #Syriza -@yanisvaroufakis surprisingly supports #Tsipras #vouli |
| If you didn’t stay up all night, you can relive the action with our special catch-up service (no extra charge) | If you didn’t stay up all night, you can relive the action with our special catch-up service (no extra charge) |
| Greek parliament approves bailout reform package - as it happened http://t.co/qs5iiGi4Ju pic.twitter.com/64IhO9LCts | Greek parliament approves bailout reform package - as it happened http://t.co/qs5iiGi4Ju pic.twitter.com/64IhO9LCts |
| Although nothing is guaranteed, the vote may end this particular phase of the Greek debt crisis. The third bailout, despite its well-documented flaws, is now on track. | Although nothing is guaranteed, the vote may end this particular phase of the Greek debt crisis. The third bailout, despite its well-documented flaws, is now on track. |
| But the possibility of early elections still looms over Athens..... | But the possibility of early elections still looms over Athens..... |
| As the Financial Times puts it: | As the Financial Times puts it: |
| The Greek side had been under pressure to strike an agreement quickly so that funds from the new loan could be released to repay €3.2bn due to the European Central Bank on August 20. | The Greek side had been under pressure to strike an agreement quickly so that funds from the new loan could be released to repay €3.2bn due to the European Central Bank on August 20. |
| But implementing the new agreement could be delayed, to the creditors’ dismay, if Alexis Tsipras, the prime minister, decides to call a snap general election. | But implementing the new agreement could be delayed, to the creditors’ dismay, if Alexis Tsipras, the prime minister, decides to call a snap general election. |
| What else is coming up today? | What else is coming up today? |
| We have....eurozone consumer confidence data at 3pm BST. That’ll show whether the Greek crisis has caused much damage to the wider economy. | We have....eurozone consumer confidence data at 3pm BST. That’ll show whether the Greek crisis has caused much damage to the wider economy. |
| In the UK, the latest retail sales figures hit the wires at 9.30am BST. | In the UK, the latest retail sales figures hit the wires at 9.30am BST. |
| And it could be another lively day in the financial market, after fears over the Chinese economy sent commodity prices falling on Wednesday: | And it could be another lively day in the financial market, after fears over the Chinese economy sent commodity prices falling on Wednesday: |
| Related: Chinese economy concerns wipe $40bn off value of Apple | Related: Chinese economy concerns wipe $40bn off value of Apple |
| We’ll be tracking all the main events through the day.... | We’ll be tracking all the main events through the day.... |