Greece countdown: How Europe votes on the new bailout – Bloomberg

With a payment of about 3.2 billion euros due to the European Central Bank (ECB) on August 20, Prime Minister Alexis Tsipras is waiting for approval from five euro-area parliaments before he can receive the first tranche from his country’s third bailout package.

Here’s a rundown of the remaining hurdles.

Spain

While it isn’t compulsory for the Spanish parliament to sign off, Prime Minister Mariano Rajoy will call a ballot of lawmakers on Tuesday. Vote expected from 5 p.m.

Estonia

The Estonian parliament also votes on Tuesday, with proceedings starting at 2 p.m.

Austria

The Austrian parliament’s subcommittee for the bailout mechanism has to approve the aid and is scheduled to meet on Tuesday. The full parliament doesn’t have to vote but may opt to debate the plan all the same.

The Netherlands

The Dutch Parliament has been recalled to debate the program at an extraordinary session in The Hague. The session begins at 12 p.m. on Wednesday.

Germany

The Bundestag meets in Berlin on Wednesday. While Chancellor Angela Merkel may face a revolt among lawmakers from her party, the plan is expected to be passed in the vote.

European Stability Mechanism (ESM)

Once parliaments have backed the package, the ESM board of governors – national finance ministers – will hold a conference call to approve and set in motion the disbursement to Greece in time for the ECB payment.

Already passed:

  • Latvia’s European Union affairs committee approved the program on Monday.
  • The Finnish parliament’s Grand Committee last week gave the government full powers to approve the program.
  • French lawmakers endorsed the outline agreement in July. Lithuania’s cabinet approved the deal on Monday.
  • Lawmakers in Belgium, Cyprus, Ireland, Italy, Malta, Portugal, Slovakia and Slovenia won’t have to vote on the plan.

Bloomberg

You may also like...

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.