Austria votes in favour of Greek bailout

Austria votes in favour of Greek bailout
Austrian parliament. Photo: Manfred Werner/Wikipedia
Austria's parliament has voted in favour of an €86 billion ($94.9 billion) bailout for Greece to keep the debt-ridden country in the eurozone.

Parliament's permanent ESM subcommittee approved the measure on Tuesday, a finance ministry spokeswoman confirmed in a text message to Reuters news agency. Spain and Estonia’s parliaments also voted to approve the bailout.

There was criticism of the bailout from opposition parties. “The ongoing bailout packages that have downgraded Greece to a de facto protectorate of the EU and the International Monetary Fund hurt all of Europe”, wrote FPÖ deputy Elmar Podgorschek. The new bailout deal was also rejected by the Greens, who are concerned it will push Greece even deeper into crisis.

Team Stronach club chairman Robert Lugar said that instead of “sinking billions of tax dollars in the Aegean Sea, the government should be delivering an economic stimulus package for Austria's economy”.

Assuming approval by other eurozone parliaments, €13 billion should be in Athens on Thursday to pay urgent bills and a further €10 billion will be set aside at the European Stability Mechanism, earmarked to bolster Greek banks' capital.

A majority of German MPs are expected to give crucial approval to the bailout on Wednesday.

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