Greece seeks bailout deal, sends bill to parliament

The Greek government said on Tuesday that it wants to see a final deal on its international bailout hammered out by August 20, as it presented parliament with more draft legislation on the cash-for-reforms agreement.

Lawmakers are due to vote on a second batch of reforms tomorrow in a fresh test of Prime Minister Alexis Tsipras’ authority, after he suffered a major rebellion in his radical-left party Syriza during a vote on a first tranche of bailout measures last week.

After parliament has voted on the second bill -- which must pass if Greece is to receive the bailout worth up to 86 billion euros ($93 billion) over three years – the government “will immediately resume negotiations with the (lender) institutions, EU, ECB and IMF, which should take until August 20 at the latest,” said government spokeswoman Olga Gerovassili.

Tsipras managed to push the first series of unpopular reforms through parliament last Wednesday -- including sweeping changes to Greece’s taxes, pensions and labour rules -- but only with the help of pro-European opposition parties.

Within Syriza, 32 of the party’s 149 MPs voted against the measures, including former finance minister Yanis Varoufakis among them. A further six abstained. The second bill includes an EU directive, adopted after the financial crisis in Cyprus in 2013, that guarantees bank deposits up to 100,000 euros ($108,000), as well as civil justice reforms designed to speed up legal proceedings and reduce their costs.