German lawmakers have voted in favor of a new bailout package for Greece, clearing a major hurdle for providing billions of euros in fresh financial aid to Athens. What’s next for the cash-strapped eurozone country?
The German parliament’s approval on Wednesday has paved the way for unlocking Greece’s third rescue program, which will add another 86-billion-euro ($96 billion) to the 240 billion euros the debt-laden eurozone country already owes the EU Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) as a result of two previous bailouts.
The new financial lifeline includes funds intended to cover the country’s short-term financing needs such as a 3.2-billion-euro loan by the ECB that falls due Thursday, August 20. In addition, Greece has to make a string of repayments to its creditors amounting to billions of euros in the course of the next few months: View full commentary – Greece facing long path to recovery