Europe moves to restore funding to Greece after bailout vote
Reuters - Jul 17, 2015
Europe moved to re-open funding to Greece's stricken economy on Thursday after the parliament in Athens approved a new bailout program in a fractious vote that left the government without a majority.
The European Central Bank increased emergency funding for Greek lenders, although capital controls will have to remain in place to avoid a run on the banks when they reopen on Monday.
European Union finance ministers also approved 7 billion euros ($7.6 billion) in bridge loans to Greece, allowing it to make a bond payment to the ECB next Monday and clear its arrears with the International Monetary Fund.
The loans will be finalised on Friday provided Germany's parliament approves a Berlin government request to open talks on a three-year bailout program - Greece's third in the past five years - worth up to 86 billion euros.
A majority of Germany's conservative lawmakers voted in favor of starting talks on a third Greek bailout in a test ballot on Thursday, the eve of a vote in the Bundestag lower house of parliament, sources in the conservative parliamentary faction said.
