Multi-speed Europe

Greece will receive immediately about EUR 23B, the first tranche of its third bailout programme, after eurozone finance ministers approved the disbursement on Wednesday evening, AFP reported.

The disbursement will allow the government in Athens to repay a loan instalment of EUR 3.4B to the European Central Bank on Thursday.

 The European Stability Mechanism’s (ESM) board of governors on Wednesday evening approved Greece’s latest bailout plan, the third since 2010.

Hungary said on Tuesday will send several thousand police officers to its southern border with Serbia to deter migrant influx, international news outlets reported on Tuesday.

Prime Minister Viktor Orban's chief of staff, Janos Lazar, said the deployment of police was needed because of "increasingly aggressive migrants arriving with more resolute demands," according to AP.

Five Eurozone country parliaments will be voting on the approval of the new Greek rescue plan Tuesday and Wednesday. The parliaments of Spain and Estonia, along with the Austrian parliamentary committee will be convening today to decide on the bailout plan. The German and Dutch parliaments will vote Wednesday, with the Dutch assembly meeting in an extraordinary session.

IMF chief Christine Lagarde welcomed Friday’s Eurogroup decision for Greece, while warning, however, that reforms are not enough and that a measured aimed at a reduction of the country’s debt is necessary.
Her entire statement:

Eurozone finance ministers approved at their meeting in Brussels on Friday the third bailout programme for Greece.

Greece will be granted up to EUR 86 B in return for implementing tax rises, pension and other public spending cuts.

Finnish Finance Minister Alexander Stubb on Thursday said his country is ready to participate in the third Greek bailout deal.

“We have come a long way during the summer. The future of euro was at stake…. but now we’ve got a solution and will live with it,” Stubb said after the Finnish parliament’s grand committee in favor.

The Greek government and its creditors agreed on the primary budget targets for Greece for 2015-2018 said government sources early on Tuesday morning. The meeting was completed after 17 hours since it began at 10.30 a.m. on Monday with just a brief break to update the cabinet at a meeting chaired by Prime Minister Antonis Samaras.

Greece and its creditors were to continue talks August 10 after marathon discussions late into the night, with both sides indicating that the terms of a third bailout were close to being finalised.

Greece expects to conclude a bailout deal with international lenders by Aug. 18, with the drafting of the accord starting on Aug. 5, government spokeswoman Olga Gerovasili said on Aug. 4.

"The first phase of negotiations ends today and the second phase starts, which really contains the details of drafting (the deal)," Gerovasili told Skai TV station.