Greek Parliament Votes on Bailout Plan; Europe to Restore Funding

Greek Parliament Votes on Bailout Plan; Europe to Restore Funding

On Thursday, as Athens accepted to go ahead with a new bailout program, Europe will be considering to re-start funding the deep debt struck economy of Greece.

The ECB (European Central Bank) augmented the emergency funding which Greece will be receiving from its creditors. However, as the Greek banks open on Monday, capital controls will still have to be followed.

The finance ministers of the European Union approved seven billion euros as bridge loans that will allow bond payment by Greece to the ECB on Monday. The money will also permit the stricken nation to clear arrears with the IMF (International Monetary Fund).

However, the loan depends on Friday's approval from the German Government to start talks with Greece regarding a three year bailout program which could be around 86 billion euros, it will be the third one for Greece in the last 5 years. Tsipras, Greece's Prime Minister said that he accepted a package which he personally did not consider to be right, believing that it would be damaging for Greece. However, he accepted it as other options would lead to an unruly bankruptcy which would shatter the nation's economy.

Before the vote, he said to the lawmakers, "I acknowledge the fiscal measures are harsh, that they won't benefit the Greek economy, but I'm forced to accept them."

The anti-bailout protestors in Greece were active on Thursday as they hurled stones and used petrol bombs outside the parliament in Syntagma Square. The riot police answered with tear gas.