European Union

German Bundestag Approves Greek Bailout Agreement

The German Bundestag approved on Friday the terms of the third bailout agreement, which Greece and the leaders of the eurozone had negotiated on Monday.

Germany's lower house of parliament approved the reopening of financial negotiations with Greece with 439 MPs voting in favour, 119 voting against, while 40 abstained, Deutsche Welle reports.

Banks in Greece to Reopen Monday after ECB Boosts Emergency Lending

Banks in Greece will reopen on Monday, Greek news agency ANA-MPA reported on Thursday, citing banking sources.

The daily limit of EUR 60 for cash withdrawals will remain in force but account holders will now be able to skip going to an ATM one day and withdraw EUR 120 the following day.

The change aims to cut queues at bank branches and ATMs, ANA-MPA said.

Eurozone Finance Ministers Agree In Principle to EUR 7 B Bridge Loan for Greece

Eurozone finance ministers have agreed in principle to grant a EUR 7 B bridge loan to Greece.

More information on the loan is expected to be announced on Friday once technical details are sorted and parliaments in several EU member states have approved the bailout deal.

The loan will come from the European Financial Stabilisation Mechanism (EFSM), Bloomberg informs.

ECB meets on ELA increase for Greek banks

After the Greek parliament passed the set of prerequisite measures as demanded by the EU institutions, all eyes are on the European Central Bank (ECB) meeting in Frankfurt Thursday. The ECB is expected to announce its decisions on whether it will raise the ELA level for the suffocating Greek banks, which have been closed for nearly 3 weeks.

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