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Greek Parliament Approves Reform Package to Start Negotiations with Creditors

The Greek parliament has passed a second set of laws which were required for negotiations to take place with creditors to discuss the provision another 56 billion euro aid package. The laws affect the work of banks, sales at auctions of debtor property, the justice system.

If votes for the first package saw 39 of Tsipras’ party members going against him, the second package has seen 36. Tsipras is still the dominant political figure in Greece, even though he is without his rhetoric against economic controls and has turned his back on a significant part of his SYRIZA party.

Negotiations with creditors are to be finished by 20th August so that the next ECB payment of 3.2 billion euros will be received without hiccup. The ECB has increased the credit limit for the country via its ELA program by 900 million euros for Greek banks.

The euro reacted with a growth against the majority of currencies. However, talk of a Grexit being possible, and becoming a real threat next year, is yet to die down.

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