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    Greek Prime Minister Alexis Tsipras looks on within his address to the Greek Parliament in Athens on June 5, 2015

    Greek Parliament Backs New Reform Proposals

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    Greece's Gordian Knot: Syriza Tackles Austerity (404)
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    The Greek Parliament has voted to back the reform proposals that Greece submitted to its creditors earlier this week, authorizing Prime Minister Alexis Tsipras to conclude an agreement with the lenders on the new terms.

    ATHENS (Sputnik) – The issue was discussed at an extraordinary plenary session on Saturday with the parliament agreeing to authorize the Greek delegation to reach a deal on a third bailout package with the creditors based on the reform proposals that Greece submitted on Thursday.

    A few members of Tsipras’s left-wing Syriza party, which has promised to revise Greece’s austerity measures after securing victory in the January parliamentary elections, abstained from voting on the reform program, which includes tax hikes and spending cuts, including in the military sector.

    Greece’s new proposal on reforms, needed to secure a third bailout package from its creditors, was received just hours before the deadline for submission was due to expire on Thursday.

    Greek Prime minister Alexis Tsipras (L), German Chancellor Angela Merkel (2ndL), European Commission President Jean-Claude Juncker (2ndR) and French President Francois Hollande (R) meet at the European Union (EU) headquarters in Brussels on July 7, 2015
    In a Sunday referendum called by Tsipras over 61 percent of the Greeks voted against reforms proposed by the lenders amid stalled talks with Athens over the third bailout package for Greece.

    According to Tsipras, the new reform program compiled after the referendum falls short of the promises made to the Greek people, but is better on many points than the rejected lender-proposed package.

    Greece's new reform proposals will be examined by Eurozone creditors over the weekend.

    Greece has received about $270 billion from its main lenders, which include the European Union, the International Monetary Fund (IMF) and the European Central Bank (ECB) under two bailout programs, the last of which expired on June 30th.

    Greece’s overall debt stands at about $350 billion.

    Greece's Gordian Knot: Syriza Tackles Austerity (404)


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