Schaeuble tells German lawmakers aid talks last attempt to fix Greece

The dissenters’ decision, Tsipras said, forced him to continue governing with a minority government until Greece’s bailout deal is concluded – something expected to take a month or more. “But I believe we will be able to resolve them”.

As part of a larger explainer on the Greek debt crisis, the New York Times published a helpful pie chart that breaks down this very complex and very heated global issue into its simplest terms: to whom does Greece owe what?

The Bundestag, the lower house of parliament, whose backing was essential for the talks to start, decisively approved the move by 439 votes to 119, but nearly a fifth of Merkel’s conservatives voted “No”.

However, credit controls limiting cash withdrawals to €60 a day will only be eased gradually, officials say.

As NPR’s Christopher Dean Hopkins reported, eurozone leaders hammered out a deal deemed acceptable to Greece’s leftist Prime Minister Alexis Tsipras on Monday.

ECB President Mario Draghi told a news conference that emergency funding – ELA – to Greek banks was being raised by €900m over one week.

Greece is less than two percent of the economy of the eurozone, but earlier phases of the six-year-old Greek crisis created financial pressure for other indebted countries who found their market borrowing costs rising.

He said the deal was a bad one, but the best possible he could get.

“We would be grossly negligent, and act irresponsibly, if we didn’t at least attempt this way”.

According to RIA Novosti sources, Tsipras is nonetheless expected to shake up his administration after 32 lawmakers from the ruling Syriza party voted against austerity measures required by the creditors in order for Greece to receive more financial aid.

The Greek parliament later adopted a set of reforms demanded by worldwide creditors including severe austerity measures in exchange for receiving the third bailout portion worth United States dollars 96 billion (86 billion euros) despite opposition from the public and some lawmakers.

A little more than a quarter of the 149 lawmakers from Tsipras’ radical-left Syriza party either voted against or abstained in Wednesday’s vote. Elements of the bill are being implemented immediately, with changes to consumer tax coming into effect Monday, the finance ministry said.

Greece may perhaps negotiate the third bailout with the debt relief demanded by the global Monetary Fund and stay in the euro EURUSD, +0.1655% for a while.

The bank was responding to a request from Athens to increase emergency assistance to the country’s banks that have been closed since June 29.