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Fresh from a 11th hour early Saturday morning Parliament vote approving the new austerity measures, Greek negotiators in Brussels began bailout talks with its creditors on a proposed $83 billion emergency loans to get the country’s banks open on Monday.
The Greek parliament early Saturday passed the bailout proposals package with 251 votes in favor and 32 against.
Greek Prime Minister Alexis Tsipras said that the legislature “has given the government a strong mandate to complete the negotiation,” adding that “what matters now is the positive outcome.”
In Brussels, European Commissioner Pierre Moscovici said that at the meeting of the 19 finance ministers sharing the euro currency and the International Monetary Fund, “we have to show willingness, a sense of responsibility.”
A part of the $83 billion loan package recommended by the Trioka — the International Monetary Fund, European Commission and European Central Bank — could be raised in the sovereign debt market, eurozone officials will recommend.
European Union officials were bouyed by the Greek government’s plan showing greater budget cuts and much needed changes to pensions and tax reform as the basis for a good faith effort to approve the emergency lending agreement.
On Sunday the 19 ministers will meet again to discuss the particulars of the restructuring agreement approved by the Greek Parliament — with 251 votes in favor and 32 against — which will keep Greece in the eurozone.
Without a deal Greece, already desperately low on cash, its banks shut for the past two weeks and its population restricted on cash withdrawals, risks crashing out of the euro. It would be the first country to do so, and the consequences for the country and global markets would be unpredictable.
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