by Eleni ChrepaNikos ChrysolorasMatthew Campbell
July 16,
2015 — 1:55 AM EEST Updated on July 16, 2015 — 10:13 AM EEST
Bloomberg
Greek
lawmakers passed a bailout agreement that keeps the country in the euro for
now, shifting attention to the European Central Bank as it weighs whether to
pump more money into the country’s hobbled financial system.
After more
than four hours of debate stretching into the early hours of Thursday, 229
members of the 300-seat parliament in Athens
approved new austerity measures that are a precondition of as much as 86
billion euros ($94 billion) in aid. Among those who opposed the bill were 32
members of Prime Minister Alexis Tsipras’s Coalition of the Radical Left, or
Syriza, a sign the premier may have lost his majority.
The vote
puts the onus on the ECB and other euro-region governments to deploy more
emergency funds that would help Greek banks gradually re-open and repair the
country’s battered coffers. The ECB’s Governing Council meets in Frankfurt
later on Thursday and Germany ’s
parliament will vote Friday on whether to start bailout negotiations to help Greece cover
its debts and pay pensions and salaries.
Accepting
the agreement with creditors “was a decision which will be a burden for me for
the rest of my life,” Finance Minister Euclid Tsakalotos told lawmakers at the
start of the debate. “I don’t know if we did the right thing. But I know we did
something to which there was no alternative.”
Bridge
Financing
European
and U.S. equity-index
futures followed Asian stocks higher, while the euro slipped 0.1 percent to
$1.0941 as of 8:53 a.m. in Frankfurt .
German
Finance Minister Wolfgang Schaeuble said the vote was a “step further forward,”
though reiterated his view that a temporary exit from the 19-nation euro region
may be “the better way” since it would allow the debt forgiveness which is
necessary yet banned under euro rules.
“I don’t
know if we did the right thing. But I know we did something to which there was
no alternative”
Given Greek
financing needs, “we’ll see in the negotiations if there’s even a way to arrive
at a program,” he said in an interview on Deutschlandfunk radio. “I don’t know,
nobody knows at the moment how this is supposed to work without a haircut and
everybody knows that a haircut is incompatible with euro membership.”
Finding a
way to open banks and allow normal commerce to resume will be the Greek
government’s first priority. In its Thursday meeting, the ECB will discuss
whether to increase the level of so-called emergency liquidity assistance it
provides to Greek lenders, which have been shut for more than two weeks to stem
withdrawals.
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Financing
Europe’s
most indebted country came closer than ever to being forced out of the single
currency this month after Tsipras stunned European leaders by calling a snap
referendum on spending cuts and tax rises demanded by creditors. Despite a
clear majority of Greeks voting “no,” he was forced to capitulate to an even
more onerous package that political chiefs said was the only way for Greece
to remain in the euro.
Yanis
Varoufakis, the former finance minister who clashed repeatedly with Schaeuble,
was among 38 members of Syriza’s 149-member parliamentary caucus who either
voted “no” or abstained.
The vote
outcome “constitutes a serious division of Syriza,” Greek government spokesman
Gabriel Sakellaridis said in a statement. Tsipras’s priority now is to conclude
an agreement with Greece ’s
creditors, he said.
The level
of opposition suggests Tsipras may be forced to rule with a minority
government, relying on opposition lawmakers to pass legislation, or co-opt the
opposition into a government of national unity.
“A minority
administration will prove unsustainable, making a national unity government
likely,” Eurasia Group analyst Mujtaba Rahman said in a note to clients. Such a
government, comprising all the major parties, “may prove to be the only way
possible” to secure bailout funds, Rahman said.
As debate
began on the bailout bill, police fired tear gas outside parliament to disperse
anti-austerity protesters, highlighting the challenges Tsipras faces selling
further spending cuts to a country already deep in recession. About 13,000
people gathered to protest in central Athens ,
police spokesman Takis Papapetropoulos said, although by about 9:45 p.m. most
had been dispersed by riot officers.
Tsipras,
who was elected in January pledging to end austerity and forge a new deal with
creditors, didn’t rise to speak in support of the bailout bill in parliament
until the early hours of Thursday morning.
“I had a
choice of a deal I did not agree with, or a disorderly default, or Schaeuble’s
choice of a euro exit,” Tsipras said. “I’m the last person to beautify an
agreement with which I disagree in many of its points.”
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