Greek Parliament Backs 3rd Bailout Deal

Greece’s parliament approved draft terms Friday for the nation’s third bailout in five years, following heated debate that lasted overnight and just hours before eurozone finance ministers are due to decide whether to approve the country’s rescue package. The proposed deal entails tax increases and spending cuts in exchange for a $95 billion rescue package. Prime Minister Alexis Tsipras also survived a rebellion within his own ruling Syriza party. Of the 222 parliament members, 64 voted against it, including 30 Syriza members. Greece is facing an Aug. 20 deadline to repay €3.5 billion to the European Central Bank. If the nation failed to agree on new terms, the ECB was likely to cut off emergency funds to Greek banks. Tsipras reportedly will ask for a confidence vote after the Aug. 20 deadline.