Greece is ready to begin formal talks on a proposed €86bn (£60bn) bailout after MPs voted for reforms demanded by its creditors.
At a late-night vote in the Greek parliament, 230 MPs backed a package of reforms, while 63 voted against. The prime minister, Alexis Tsipras, who is under growing pressure to call early elections, managed to contain the rebellion in his own ranks. A total of 36 Syriza MPs voted against or abstained on the measures, three fewer than at a similar vote last week.
The outline agreement on launching talks for a third bailout included transferring up to €50bn worth of state-owned assets to a privatisation fund, reforms to pensions, an overhaul of the VAT code and the imposition of “quasi-automatic” spending cuts if the government fails to meet targets for a primary surplus – the amount that tax income exceeds spending.
