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Greek Parliament Approves Third Bailout Deal

© REUTERS / Christian HartmannGreek Economy Minister Giorgos Stathakis (R) and Finance Minister Euclid Tsakalotos (L) attend a parliamentary session in Athens, Greece, early August 14, 2015
Greek Economy Minister Giorgos Stathakis (R) and Finance Minister Euclid Tsakalotos (L) attend a parliamentary session in Athens, Greece, early August 14, 2015 - Sputnik International
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Greece's parliament approved on Friday a third, 85 billion euro ($94 billion) bailout deal with the country's international creditors.

Supporters of the Communist-affiliated PAME labor union take part in an anti-austerity rally outside the Labor Ministry in Athens, Greece, on Wednesday, Aug. 5, 2015. - Sputnik International
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MOSCOW (Sputnik) — The decision was made following an all-night parliament session, and comes hours before an extraordinary Eurogroup meeting on the issue.

Greece owes more than $270 billion to the International Monetary Fund, the European Central Bank and eurozone nations.

After months of negotiations, the country and its international creditors reached a preliminary agreement on granting Greece its third bailout package in exchange for strict economic reforms, including pension cuts and tax hikes.

The deal was finalized on Tuesday. The European Commission sent a memorandum of understanding on the issue to EU member states earlier this week.

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