German parliament to vote on Greek bailout

PanARMENIAN.Net - The German parliament is to vote on whether to allow negotiations on Greece's €86bn bailout deal, BBC News reports.

Germany is one of several eurozone states that must give the green light before the rescue deal can go ahead.

The agreement is expected to be approved, although a number of conservative MPs are refusing to back any more financial help for Greece. The vote comes hours after the news that Greek banks, shut nearly three weeks ago, will reopen on Monday, July 20.

The announcement became possible after the European Central Bank (ECB) raised the level of emergency funding available. However, credit controls limiting cash withdrawals to €60 a day will only be eased gradually, officials say, according to the BBC.

Earlier, eurozone ministers also agreed a €7bn bridging loan from an EU-wide fund to keep finances afloat. The moves came after Greek Prime Minister Alexis Tsipras won a parliamentary vote on the bailout proposals in the early hours of Thursday.

The Bundestag is expected to begin voting on a mandate for the bailout talks at 10:00 local time (08:00 GMT). Chancellor Angela Merkel has urged MPs to back the deal, saying she was "absolutely convinced" it was the way forward.

Greece has debts of €320bn and is seeking its third international bailout. Last month it became the first developed country to fail to make a repayment to the IMF.