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The article referred to the deal as being the “first fire sale under a SYRIZA government” and a “large present to [Angela] Merkel and [Wolfgang] Schaeuble, clearly in return for their services in the formation of the new, deplorable memorandum”.

Finance ministers of the 19-nation euro single currency group have approved the first 26 billion euros ($29 billion) of a vast new bailout package to help rebuild Greece’s shattered economy.

Mr Schaeuble says he backs the new bailout deal – although he had earlier put forward a plan for Greece to take a “time out” from the euro, in order to stabilise its precarious finances.

“We welcome the successful vote in the Greek Parliament this morning”, said German Foreign Ministry spokesman Sebastian Fischer, whose country has been the single largest contributor to Greece’s previous two bailouts and is the country’s harshest critic.

The €85 billion package – which introduces sweeping austerity measures – was ultimately approved with support from opposition parties after an all-night parliamentary session.

Senior Merkel allies Ralph Brinkhaus and Eckhardt Rehberg tried to put a positive spin on the Greek deal, noting that Schaeuble had won concessions on privatisations and that the first tranche of aid, at 26 billion euros, would be smaller than initially planned, keeping Athens on...

To qualify for its third bailout in five years, Greece must agree to sweeping changes to the way it manages its economy.

Berlin is the main creditor of Greece and its approval is needed in order for the new bailout package to be given to Athens so that it can repay Euro 3.4 billion (USD 3.7 billion) to the European Central Bank by an August 20 deadline. The Greek parliament will vote on over 50...

Is the worldwide Monetary Fund on board? The first tranche of bailout funds will flow to Greece once its fellow eurozone nations agree. At this stage it is unclear. We still need to talk with each other on a few issues. Greece will only avoid the threat of “Grexit” if...

Greece and its worldwide lenders reached a multibillion-euro bailout agreement yesterday, potentially saving the country from financial ruin.

In currency markets, the euro was steady against the U.S. dollar at $1.1023.

“In short, we maintain the view that a third bailout for Greece will not solve its deep-seated economic and fiscal problems or secure its future inside the currency union”, Loynes said.

Syriza lawmaker and dissenter Costas Lapavitsas reiterated his opposition and said he would not vote in favour of the new deal in Parliament.

European stocks were generally weaker Tuesday, with German shares getting hammered by news that China has devalued its currency.

“We’re talking about a program for three years, it needs to be negotiated thoroughly”, Deputy Finance Minister Jens Spahn told Germany’s ARD television shortly before Greece and its worldwide lenders said they had concluded a new bailout package.