Financial crises

The third bailout deal between Greece and international lenders has been given the green light by German lawmakers.

The latest deal will unlock some EUR 86 B in funding for Greece's debt-ridden economy with Athens receiving its third package in five years.

German lawmakers approved the baliout overwhelmingly, with 454-113, while 18 abstained.

Friday’s crucial Eurogroup meeting is underway in Brussels to discuss the 3rd bailout program for Greece, after the Greek parliament passed the terms of the new memorandum of understanding (MoU) earlier Friday, which had been agreed between Greece and EU institutions on Tuesday.

Greece and its international creditors have reached on Tuesday an agreement on the terms of the third bailout programme, which Athens has to be granted in order to avoid bankruptcy.

According to Reuters news agency, Greek banks could receive a cash injection of up to 10bln Euros before the scheduled bank ‘stress tests’ are completed. The news agency cites a European Commission official, on condition of anonymity, pointing out that the Greek banks need an immediate inflow of money in order to operate smoothly.

A high ranking official  of the Bank of Greece (BoG) told Bloomberg that nearly 1 billion Euros returned to the Greek banking system after the bank holiday was lifted on July 20. Bloomberg reports that according to the same top BoG official the stress tests for the Greek banks will be completed by the end of October, while he says that no bail-ins will be imposed on depositors.

The wait is finally over, as the notorious for her tough, ‘no-nonsense’ approach Romanian ‘star’ representative of the IMF, Delia Velculescu has landed in Athens. Her arrival at the Athens Hilton Hotel was indicative of her ‘special’ status, something usually reserved for high profile royals or celebrities.

The sharp decline in Russia's economy may have almost run its course, official data showed on July 28, slowed by a huge devaluation of the ruble and heavy government spending on anti-crisis measures. 

Recovery prospects are cloudy, however, with many analysts warning of a sluggish rebound at best. 

The Greek debt crisis, as explained through Grease, the musical, written and directed by Spencer Case.

By Debbie Papadakis

Time is running out for Greece to secure a bailout worth up to 86 billion euros over three years.. Bloomberg reports that an e-mail from the Greek Finance Ministry states that talks will start on Tuesday due to technical reasons. Delays in the talks could risk finding a solution for Greece’s funding by the August 20 deadline.