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Greece crisis: Eurogroup ministers to decide on bailout Greece crisis: Eurogroup agrees to third bailout
(about 5 hours later)
Eurozone finance ministers are meeting to decide on a new bailout deal for Greece after Athens backed the plan. Eurozone finance ministers have agreed on a new bailout deal for Greece after Athens backed the plan.
Eurogroup chairman Jeroen Dijsselbloem said ministers would have to be sure the Greek government would carry out the promised reforms. European Commission President Jean-Claude Juncker said the deal sent a message "loud and clear" - Greece will stay in the eurozone.
The deal demands tax rises and more tough spending cuts in return for a €85bn (£61bn, $95bn) bailout - Greece's third in five years. The agreement demands tax rises and more tough spending cuts in return for Greece's third bailout in five years.
It is needed to stop Greece exiting the eurozone and to avert bankruptcy. The deal means new loans of up to €86bn ($95bn; £61bn) will be made available over the next three years.
But it comes at a heavy political price for Greek Prime Minister Alexis Tsipras, who has faced a rebellion in his left-wing Syriza party.But it comes at a heavy political price for Greek Prime Minister Alexis Tsipras, who has faced a rebellion in his left-wing Syriza party.
More than 40 Syriza MPs voted against him when parliament decided on the bailout agreement on Friday, after all-night talks.More than 40 Syriza MPs voted against him when parliament decided on the bailout agreement on Friday, after all-night talks.
Reports in Greece suggest he will seek a vote of confidence in parliament next week, bringing the prospect of snap elections closer.Reports in Greece suggest he will seek a vote of confidence in parliament next week, bringing the prospect of snap elections closer.
'Optimistic''Optimistic'
Arriving at the 19-member Eurogroup meeting in Brussels, Germany's finance minister - one of Mr Tsipras's harshest critics - was upbeat. Announcing the "comprehensive and ambitious reform package", Eurogroup chairman Jeroen Dijsselbloem said: "All the intense work of the past week has paid off.
"I am actually quite optimistic that we shall reach a result today, the preparations have advanced pretty well," Wolfgang Schaeuble said. "If implemented with determination, the deal will allow the Greek economy to return to growth."
He said ministers would consider how well Greece had responded to EU demands, and whether the International Monetary Fund (IMF) would commit to supporting the bailout package. He added: "Of course there were differences, but we have managed to solve the last issues."
Earlier the Eurogroup head welcomed the Greek parliament's vote to sign off the deal, and said eurozone finance ministers now needed to decide on it. Mr Juncker said: "The past six months have been difficult. They have tested the patience of policy-makers and they have tested the patience of our citizens even more.
"We're going to talk about political trust," Mr Dijsselbloem said. "Together, we have looked into the abyss. But today, I am glad to say that all sides have respected their commitments."
"That's still a factor of course with Greece: can we trust that it's actually going to happen?" He added: "The message of today's Eurogroup is loud and clear: on this basis, Greece is and will irreversibly remain a member of the euro area."
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).
The deal rules out any "bail-in" of depositors' savings in Greek banks.
There will also have to be a series of votes in national parliaments across Europe to back the deal.
The BBC's Adam Fleming in Brussels says the finance ministers also confirmed that the thorny issue of writing off some of the Greece's debts would be considered in the autumn.
This has been a crucial demand of both Mr Tspiras and the International Monetary Fund, which says it will only contribute if there is some form of debt relief.
IMF managing director Christine Lagarde said the deal was "an important step forward" but stressed again that Greek debt was "unsustainable".
Arriving at the 19-member Eurogroup meeting in Brussels earlier, even German Finance Minister Wolfgang Schaeuble - one of Mr Tsipras's harshest critics - said he was optimistic of a deal.
RebellionRebellion
Greek MPs backed the deal on Friday morning after a marathon all-night session marked by procedural delays and often angry exchanges in parliament.Greek MPs backed the deal on Friday morning after a marathon all-night session marked by procedural delays and often angry exchanges in parliament.
The deal received:The deal received:
Third Greece bailout: What are eurozone conditions?Third Greece bailout: What are eurozone conditions?
Thirty-one Syriza members voted "No", and 11 abstained - the biggest rebellion within Mr Tsipras's party so far. The rebels represented almost a third of Syriza's MPs. Thirty-one Syriza members voted "No", and 11 abstained - the biggest rebellion within Mr Tsipras's party so far.
A "Yes" vote by MPs was required for eurozone ministers to endorse the deal to release the funds. The rebels represented almost a third of Syriza's MPs.
The deal also needs approval from the parliaments of several other countries, including that of Greece's most influential creditor, Germany, before any funds can be disbursed. Some nations, such as Finland, have already given their approval.
Greece must repay about €3.2bn to the European Central Bank (ECB) on 20 August.
If it defaults on this debt, the ECB is likely to stop emergency funding for Greece's crippled banks.