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Business live: ECB gives Greece more emergency funds before bailout vote Business live: ECB gives Greece more emergency funds before bailout vote
(35 minutes later)
6.03pm BST18:03
The anti-austerity protest is making its way to Syntagma Square, the site of the Greek parliament:
GREECE LIVE: labour unions rally on #Syntagma http://t.co/TwYq9b3ROz pic.twitter.com/3RTTyQ7YOf
Foreign language schools protesting at #Syntagma against 23% tax pic.twitter.com/FSII4366y8 v @dionisisath #Greece #Grecia #antireport #Grèce
5.56pm BST17:56
Tonight’s anti-austerity rally looks quite well attended:
5.51pm BST17:51
Members of the Communist-affiliated PAME labor union are gathering in Athens now, for their anti-austerity rally in the Greek capital:
5.24pm BST17:245.24pm BST17:24
PM Tsipras to meet Greek parliamentary speaker Konstantopoulou at noon tomorrow after the latter's request. High noon, etc #GreecePM Tsipras to meet Greek parliamentary speaker Konstantopoulou at noon tomorrow after the latter's request. High noon, etc #Greece
5.20pm BST17:205.20pm BST17:20
Summary: Greek MPs face another crucial voteSummary: Greek MPs face another crucial vote
Time for a recap:Time for a recap:
The Greek parliament is due to vote tonight on the second set of economic reforms agreed with its lenders, so that formal negotiations over a third bailout can begin.The Greek parliament is due to vote tonight on the second set of economic reforms agreed with its lenders, so that formal negotiations over a third bailout can begin.
The vote is a fresh test of Alexis Tsipras’s authority over his party. The 32 Syriza MPs who rebelled last week are expected to defy the PM again; the six who abstained last time could return to the fold, though.The vote is a fresh test of Alexis Tsipras’s authority over his party. The 32 Syriza MPs who rebelled last week are expected to defy the PM again; the six who abstained last time could return to the fold, though.
The debate hasn’t started yet, so the vote may not come until midnight Athens time (10pm BST).The debate hasn’t started yet, so the vote may not come until midnight Athens time (10pm BST).
Finance minister Euclid Tsakalotos has urged MPs to back the plan, so that talks with creditors can start soon. He said:Finance minister Euclid Tsakalotos has urged MPs to back the plan, so that talks with creditors can start soon. He said:
“It’s extremely important to wrap up this prior actions procedure so that we can start negotiations on Friday.”“It’s extremely important to wrap up this prior actions procedure so that we can start negotiations on Friday.”
Tonight’s legislation includes measures to speed up court processes in Greece, and implement rules to ensure that creditors and shareholders can be ‘bailed-in’ when a bank fails.Tonight’s legislation includes measures to speed up court processes in Greece, and implement rules to ensure that creditors and shareholders can be ‘bailed-in’ when a bank fails.
Here’s what Greek MPs will vote on tonightHere’s what Greek MPs will vote on tonight
Ahead of the vote, the European Central Bank has agreed to provide another €900m of emergency liquidity to the Greek banking sector. That will help the country’s cash machines to keep churning, but capital controls remain in place.Ahead of the vote, the European Central Bank has agreed to provide another €900m of emergency liquidity to the Greek banking sector. That will help the country’s cash machines to keep churning, but capital controls remain in place.
Pierre Moscovici, European commissioner, has told reporters that a bailout could be arranged in the second half of August.Pierre Moscovici, European commissioner, has told reporters that a bailout could be arranged in the second half of August.
The government has denied a rumour that it is considering snap elections in September. But there is speculation that Tsipras could soon reshape his party -- could Syriza rebels such as Yanis Varoufakis form their own party?The government has denied a rumour that it is considering snap elections in September. But there is speculation that Tsipras could soon reshape his party -- could Syriza rebels such as Yanis Varoufakis form their own party?
Unions are due to hold protests in Athens shortly, against the bailout terms.Unions are due to hold protests in Athens shortly, against the bailout terms.
The Bank of England has revealed that the Greek crisis encouraged policymakers to leave UK interest rates at their record low this month.The Bank of England has revealed that the Greek crisis encouraged policymakers to leave UK interest rates at their record low this month.
And in the financial markets, weak commodity prices and disappointing results from Apple have combined to wipe 101 points off the FTSE 100.And in the financial markets, weak commodity prices and disappointing results from Apple have combined to wipe 101 points off the FTSE 100.
5.00pm BST17:005.00pm BST17:00
Fears over the Chinese economy sparked today’s selloff in the London stock market, explains Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers:Fears over the Chinese economy sparked today’s selloff in the London stock market, explains Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers:
“Basic resources stocks are being hammered by weak metals prices as there are question marks over metals demand from top consumer China.“Basic resources stocks are being hammered by weak metals prices as there are question marks over metals demand from top consumer China.
Discouraging company updates have also soured sentiment.”Discouraging company updates have also soured sentiment.”
Those ‘discouraging’ updates include Apple (who sold fewer iPhones than expected), BHP Billiton (on track for its lowest underlying profit in a decade) and Microsoft (which posted a quarterly net loss of $3.2bn last night).Those ‘discouraging’ updates include Apple (who sold fewer iPhones than expected), BHP Billiton (on track for its lowest underlying profit in a decade) and Microsoft (which posted a quarterly net loss of $3.2bn last night).
4.51pm BST16:514.51pm BST16:51
Parliamentary speaker Zoe Konstantopoulou has confirmed she won’t support the government in tonight’s vote:Parliamentary speaker Zoe Konstantopoulou has confirmed she won’t support the government in tonight’s vote:
"Neither as a lawyer, Syriza MP nor speaker of #Greek parliament can I vote these prior actions," says Zoe Konstantopoulou"Neither as a lawyer, Syriza MP nor speaker of #Greek parliament can I vote these prior actions," says Zoe Konstantopoulou
(that’s not a surprise. given her opposition to the bailout and her concern over the way the legislation is being rammed into law)(that’s not a surprise. given her opposition to the bailout and her concern over the way the legislation is being rammed into law)
4.47pm BST16:474.47pm BST16:47
FTSE 100 hits by miners and AppleFTSE 100 hits by miners and Apple
Tumbling mining shares, and the fallout from Apple’s results last night, has wiped 1.5% off the FTSE 100 tonight.Tumbling mining shares, and the fallout from Apple’s results last night, has wiped 1.5% off the FTSE 100 tonight.
The index of blue-chip shares shed 101 points to close at 6667.The index of blue-chip shares shed 101 points to close at 6667.
ARM, the tech firm whose chips are used in many smartphones, was the biggest faller. It was followed by mining companies, hit by the unwinding of commodity prices (as covered earlier, gold, platinum, zinc, tin and copper have all fallen today).ARM, the tech firm whose chips are used in many smartphones, was the biggest faller. It was followed by mining companies, hit by the unwinding of commodity prices (as covered earlier, gold, platinum, zinc, tin and copper have all fallen today).
Here’s the biggest fallers on the FTSE 100 tonight:Here’s the biggest fallers on the FTSE 100 tonight:
Jasper Lawler of CMC Markets says:Jasper Lawler of CMC Markets says:
The stock market’s reliance on iPhones was laid bare today. A poorly received quarterly earnings update from Apple reverberated across the Atlantic into falling prices across Europe’s tech sector and weighed on a broader belief in rising corporate profitability.The stock market’s reliance on iPhones was laid bare today. A poorly received quarterly earnings update from Apple reverberated across the Atlantic into falling prices across Europe’s tech sector and weighed on a broader belief in rising corporate profitability.
The FTSE 100 was hit particularly hard as ARM Holdings, a large supplier of chips to Apple, sank 6%. Another drop in commodity prices sent mining stocks reeling with Anglo American down by over 5%.The FTSE 100 was hit particularly hard as ARM Holdings, a large supplier of chips to Apple, sank 6%. Another drop in commodity prices sent mining stocks reeling with Anglo American down by over 5%.
4.31pm BST16:314.31pm BST16:31
The sales tax hikes approved by parliament a week ago have not been well-received by Greece’s corporate base:The sales tax hikes approved by parliament a week ago have not been well-received by Greece’s corporate base:
Constantine Michalos, Prez of Athens Chamber of Commerce and Industry tells me VAT is infuriating Greek businesses @cnbcConstantine Michalos, Prez of Athens Chamber of Commerce and Industry tells me VAT is infuriating Greek businesses @cnbc
I imagine many Greek shoppers are quite irked as well....I imagine many Greek shoppers are quite irked as well....
4.08pm BST16:084.08pm BST16:08
More dissent in the ranks....More dissent in the ranks....
Parliament speaker Konstantopoulou writes to #Greece PM & prez to complain about 2nd emergency bill in week. Says its abuse of constitutionParliament speaker Konstantopoulou writes to #Greece PM & prez to complain about 2nd emergency bill in week. Says its abuse of constitution
4.06pm BST16:064.06pm BST16:06
Helena SmithHelena Smith
It was also evident today that the radical left Syriza party is now in a state of shock, reports Helena.It was also evident today that the radical left Syriza party is now in a state of shock, reports Helena.
After prime minister Alexis Tsipras’ tough stance – and savage critique of dissidents he says are not only hiding behind his signature but have failed to offer alternatives – rebels are clearly plotting their next move.After prime minister Alexis Tsipras’ tough stance – and savage critique of dissidents he says are not only hiding behind his signature but have failed to offer alternatives – rebels are clearly plotting their next move.
There was much talk in parliament today that mutinous MPs, lead by Left Platform leader Panagiotis Lafazanis, may soon break ranks and form their own party. If that happens, House speaker Zoe Konstantopoulou and former finance minister Yanis Varoufakis would likely sign up to what in essence would be a new anti-bailout force.There was much talk in parliament today that mutinous MPs, lead by Left Platform leader Panagiotis Lafazanis, may soon break ranks and form their own party. If that happens, House speaker Zoe Konstantopoulou and former finance minister Yanis Varoufakis would likely sign up to what in essence would be a new anti-bailout force.
That would allow Tsipras to reincarnate as the leader of a party of the moderate European left with strong social democratic traits. It might also take some of the wind out of the sails of the far-right Golden Dawn, now desperately trying to present itself as a credible, anti-establishment voice in Greece.That would allow Tsipras to reincarnate as the leader of a party of the moderate European left with strong social democratic traits. It might also take some of the wind out of the sails of the far-right Golden Dawn, now desperately trying to present itself as a credible, anti-establishment voice in Greece.
[KKE, the communist party, has also opposed seeking a third bailout][KKE, the communist party, has also opposed seeking a third bailout]
Updated at 4.38pm BSTUpdated at 4.38pm BST
3.29pm BST15:293.29pm BST15:29
Helena SmithHelena Smith
Over in Athens our correspondent Helena Smith has just returned from a day spent at the Greek parliament where she reports the benches are now nearly empty.Over in Athens our correspondent Helena Smith has just returned from a day spent at the Greek parliament where she reports the benches are now nearly empty.
The good news is that parliamentary committees are still in session with many saying tonight’s ballot is likely to be the last before the third bailout package (or memorandum of understanding) is put to vote around the 17th of August. The bad news is that nobody knows when tonight’s debate will even begin. As a result MPs who had spent much of the day in parliament’s red-carpeted inner chamber and clubby meeting rooms have now recessed.The good news is that parliamentary committees are still in session with many saying tonight’s ballot is likely to be the last before the third bailout package (or memorandum of understanding) is put to vote around the 17th of August. The bad news is that nobody knows when tonight’s debate will even begin. As a result MPs who had spent much of the day in parliament’s red-carpeted inner chamber and clubby meeting rooms have now recessed.
If the debate begins at 8pm (6pm BST) (as some media outlets have suggested) it will be early as the House speakers have to convene once the committees have run through the new raft of EU-IMF dictated reforms.If the debate begins at 8pm (6pm BST) (as some media outlets have suggested) it will be early as the House speakers have to convene once the committees have run through the new raft of EU-IMF dictated reforms.
The significance of the moment is not lost on lawmakers with the real talk in the coffee house and along the corridors of parliament (where not usually a lot of business is done) focused firmly on how MPs in the governing Syriza party are going to vote. 110 will be the magic figure for prime minister Alexis Tsipras, insiders say.The significance of the moment is not lost on lawmakers with the real talk in the coffee house and along the corridors of parliament (where not usually a lot of business is done) focused firmly on how MPs in the governing Syriza party are going to vote. 110 will be the magic figure for prime minister Alexis Tsipras, insiders say.
More than half of Syriza’s 201–strong central committee have come out against the demands now being asked of Greece in return for up to €86bn in further rescue funds. But if Tsipras manages to hold onto the 110 MPs who endorsed the package last week he may well emerge the winner.More than half of Syriza’s 201–strong central committee have come out against the demands now being asked of Greece in return for up to €86bn in further rescue funds. But if Tsipras manages to hold onto the 110 MPs who endorsed the package last week he may well emerge the winner.
“Today will be a test of his own power within his parliamentary group,” said Antigone Limberaki, an MP with the small centrist To Potami party.“Today will be a test of his own power within his parliamentary group,” said Antigone Limberaki, an MP with the small centrist To Potami party.
“If he manages to get one vote more than the previous vote this will give him some advantage.”“If he manages to get one vote more than the previous vote this will give him some advantage.”
Limberaki, a British-trained economics professor, said Syriza MPs seemed “more comfortable” with what was being asked of them. “Last week was like a bad dream, now it is starting to sink in,” she said.Limberaki, a British-trained economics professor, said Syriza MPs seemed “more comfortable” with what was being asked of them. “Last week was like a bad dream, now it is starting to sink in,” she said.
Many believe that of the six MPs who refused to vote last week – declaring that they were “present” – there may be one or two who throw their weight behind the measures tonight.Many believe that of the six MPs who refused to vote last week – declaring that they were “present” – there may be one or two who throw their weight behind the measures tonight.
Given that most of the opposition will support the reforms, the vote will almost certainly past.Given that most of the opposition will support the reforms, the vote will almost certainly past.
The real test will be to what degree Tsipras retains control of his party and whether further losses ultimately encourage him to call fresh elections, at this stage widely seen as a catastrophe for the country by the political opposition.The real test will be to what degree Tsipras retains control of his party and whether further losses ultimately encourage him to call fresh elections, at this stage widely seen as a catastrophe for the country by the political opposition.
Updated at 4.27pm BSTUpdated at 4.27pm BST
3.20pm BST15:203.20pm BST15:20
Of course we’re not planning elections in September, says a Greek government official:Of course we’re not planning elections in September, says a Greek government official:
GREEK GOVT OFFICIAL DENIES REPORTS ON SEPTEMBER SNAP ELECTIONS - *cough* MNI *cough* - suspect there might still be some truth behind it.GREEK GOVT OFFICIAL DENIES REPORTS ON SEPTEMBER SNAP ELECTIONS - *cough* MNI *cough* - suspect there might still be some truth behind it.
3.08pm BST15:083.08pm BST15:08
The MNI newswire is reporting that Alexis Tsipras is pondering elections in mid-September.The MNI newswire is reporting that Alexis Tsipras is pondering elections in mid-September.
That would allow him to break away from the more radical left-wing elements in Syriza and reshape the party, according to a source.That would allow him to break away from the more radical left-wing elements in Syriza and reshape the party, according to a source.
Tsipras mulls snap elections on 13 or 20 September to make a "clean start", according to MNI.Tsipras mulls snap elections on 13 or 20 September to make a "clean start", according to MNI.
Elections would be called after the third Greek bailout was finalised (which commissioner Pierre Moscovici expects in the second half of August).Elections would be called after the third Greek bailout was finalised (which commissioner Pierre Moscovici expects in the second half of August).
2.55pm BST14:552.55pm BST14:55
Today’s increase means the ECB has now pumped almost €91bn of emergency liquidity into the Greek banking sector:Today’s increase means the ECB has now pumped almost €91bn of emergency liquidity into the Greek banking sector:
#ECB said to raise Greek #ELA ceiling by another €900mln, BBG and RTRS report. pic.twitter.com/VxG4iMki1D#ECB said to raise Greek #ELA ceiling by another €900mln, BBG and RTRS report. pic.twitter.com/VxG4iMki1D
ELA helped Greek banks to keep operating this year even as savers withdrew their funds. Capital controls were introduced more than three weeks ago, when the ECB capped its support.ELA helped Greek banks to keep operating this year even as savers withdrew their funds. Capital controls were introduced more than three weeks ago, when the ECB capped its support.
2.50pm BST14:502.50pm BST14:50
ECB gives Greece more emergency cashECB gives Greece more emergency cash
Newsflash: The European Central Bank has decided to provide Greece with another €900m of emergency liquidity, Bloomberg reports.Newsflash: The European Central Bank has decided to provide Greece with another €900m of emergency liquidity, Bloomberg reports.
That would match the €900m increase last Thursday. It isn’t enough to allow capital controls to be lifted, but should allow Greek banks to keep operating under the current restrictions for several more days.That would match the €900m increase last Thursday. It isn’t enough to allow capital controls to be lifted, but should allow Greek banks to keep operating under the current restrictions for several more days.
Greek Banks given another inch by the ECBGreek Banks given another inch by the ECB
#Ecb raises cash to Greek banks another 900E Million ! Go Mario#Ecb raises cash to Greek banks another 900E Million ! Go Mario
Currently, Greek bank account holders can only withdraw €420 per week from their accounts (the equivalent of €60 per day).Currently, Greek bank account holders can only withdraw €420 per week from their accounts (the equivalent of €60 per day).
2.44pm BST14:442.44pm BST14:44
City firm Jeffries has produced an interesting research note today, showing how the fiscal transfers between eurozone countries are far smaller than between US states.City firm Jeffries has produced an interesting research note today, showing how the fiscal transfers between eurozone countries are far smaller than between US states.
While Germany is the biggest net contributor to the EU budget, its share is only a mere 0.5% of GDP:While Germany is the biggest net contributor to the EU budget, its share is only a mere 0.5% of GDP:
While in America, wealthy states such as Minnesota and New Jersey make a much more substantial contribution:While in America, wealthy states such as Minnesota and New Jersey make a much more substantial contribution:
Marchel Alexandrovich, Senior European Economist at Jefferies, says it underlines how the single currency project remains incomplete, leaving weaker members suffering:Marchel Alexandrovich, Senior European Economist at Jefferies, says it underlines how the single currency project remains incomplete, leaving weaker members suffering:
While there are institutions and conventions that bind euro countries together, the fiscal ties remain weak.While there are institutions and conventions that bind euro countries together, the fiscal ties remain weak.
The hard cash that gets distributed across the European Union through the EU budget is the closest we get to outright fiscal transfer in the region. But while the amounts that make the way around Europe are not insignificant, they are certainly nowhere near the level of transfers that take place in the US for example.The hard cash that gets distributed across the European Union through the EU budget is the closest we get to outright fiscal transfer in the region. But while the amounts that make the way around Europe are not insignificant, they are certainly nowhere near the level of transfers that take place in the US for example.
Germany’s net contribution to the EU budget stood at 0.47% of GDP in 2013. In comparison, the state of New York transferred in the region of 4.4% of GDP annually between 1990 and 2009. Alongside increased labour migration across Europe, limited fiscal transfers add to the growing disparity between the faster and slower growing economies - an issue that cannot be overlooked.Germany’s net contribution to the EU budget stood at 0.47% of GDP in 2013. In comparison, the state of New York transferred in the region of 4.4% of GDP annually between 1990 and 2009. Alongside increased labour migration across Europe, limited fiscal transfers add to the growing disparity between the faster and slower growing economies - an issue that cannot be overlooked.
2.30pm BST14:302.30pm BST14:30
1.29pm BST13:291.29pm BST13:29
I hope there are some speed readers in the Athens parliament -- tonight’s package of measures runs to over 900 pages:I hope there are some speed readers in the Athens parliament -- tonight’s package of measures runs to over 900 pages:
εδώ σας το έχω! Το μνημόνιο καλέ, τις 970 σελίδες που λέγαμε... pic.twitter.com/hVbwk0bcxSεδώ σας το έχω! Το μνημόνιο καλέ, τις 970 σελίδες που λέγαμε... pic.twitter.com/hVbwk0bcxS
So much for legislative scrutiny. Except that MPs wouldn’t be allowed to make any changes if they wanted to. This is what Greece’s eurozone partners want, so this is what they will get.So much for legislative scrutiny. Except that MPs wouldn’t be allowed to make any changes if they wanted to. This is what Greece’s eurozone partners want, so this is what they will get.
And the latest word from Athens is that the debate begins in four and a half-hours (8pm local time, or 6pm in the UK)And the latest word from Athens is that the debate begins in four and a half-hours (8pm local time, or 6pm in the UK)
Greek MPs unlikely to start debating tonight's bill in plenary until around 8pm, Skai TV reports. Naturally, late vote expected #GreeceGreek MPs unlikely to start debating tonight's bill in plenary until around 8pm, Skai TV reports. Naturally, late vote expected #Greece
1.18pm BST13:181.18pm BST13:18
Back in the financial markets, commodity prices are being hammered again - and taking mining stock down with them.Back in the financial markets, commodity prices are being hammered again - and taking mining stock down with them.
Gold is down another 1% today, platinum has lost 2%, and zinc has fallen by 3%:Gold is down another 1% today, platinum has lost 2%, and zinc has fallen by 3%:
Zinc is getting clobbered. http://t.co/wSwRp700cq pic.twitter.com/AjzXtx1FAvZinc is getting clobbered. http://t.co/wSwRp700cq pic.twitter.com/AjzXtx1FAv
And there’s a predictable impact on the companies who dig this stuff up.And there’s a predictable impact on the companies who dig this stuff up.
Shares in Anglo American, the world’s largest platinum maker, has slumped by over 6% today.Shares in Anglo American, the world’s largest platinum maker, has slumped by over 6% today.
BHP Billiton is down over 5%; having early beaten iron ore production forecasts but taken a $650m writedown on other assets. Glencore, the commodities trading giant, has also shed 5%.BHP Billiton is down over 5%; having early beaten iron ore production forecasts but taken a $650m writedown on other assets. Glencore, the commodities trading giant, has also shed 5%.
And there could be more trouble to come, with analysts predicting that prices will keep falling amid fears over the Chinese economy.And there could be more trouble to come, with analysts predicting that prices will keep falling amid fears over the Chinese economy.
Growing consensus that more pain to come for #gold.... Goldman Sachs forecast $1000 with ABN & SocGen foreseeing $1000 by DecemberGrowing consensus that more pain to come for #gold.... Goldman Sachs forecast $1000 with ABN & SocGen foreseeing $1000 by December
1.01pm BST13:011.01pm BST13:01
Ahead of tonight’s vote, bookmaker Paddy Power has all-but ruled out Greece leaving the single currency this year:Ahead of tonight’s vote, bookmaker Paddy Power has all-but ruled out Greece leaving the single currency this year:
Will Greece exit the Eurozone in 2015?Will Greece exit the Eurozone in 2015?
Quite a change in the last month - at one stage, Yes was a measly 11/8.Quite a change in the last month - at one stage, Yes was a measly 11/8.
12.42pm BST12:4212.42pm BST12:42
If Greece’s bailout isn’t agreed within a month, it will struggle to repay €3.2bn to the European Central Bank (due on 20 August).If Greece’s bailout isn’t agreed within a month, it will struggle to repay €3.2bn to the European Central Bank (due on 20 August).
One option, Jennifer reports, is to dip into Europe’s bailout fund again:One option, Jennifer reports, is to dip into Europe’s bailout fund again:
There is €6bn left in EFSM EU bailout fund. #Greece needs €5bn in August to pay debts. Could be last resort if talks drag on.There is €6bn left in EFSM EU bailout fund. #Greece needs €5bn in August to pay debts. Could be last resort if talks drag on.
12.15pm BST12:1512.15pm BST12:15
Moscovici isn’t expecting any hiccups in the Athens parliament tonight:Moscovici isn’t expecting any hiccups in the Athens parliament tonight:
Moscovici: I'm confident the second package of legislation will be adopted by Greek parliament tonight. #GreeceMoscovici: I'm confident the second package of legislation will be adopted by Greek parliament tonight. #Greece
12.12pm BST12:1212.12pm BST12:12
Pierre Moscovici adds that the new Greek bailout deal (the memorandum of understanding) should be completed in about a month.Pierre Moscovici adds that the new Greek bailout deal (the memorandum of understanding) should be completed in about a month.
Negotiations of the MOU have just started and will lead us to second fortnight of august, says @pierremoscovici #GreeceNegotiations of the MOU have just started and will lead us to second fortnight of august, says @pierremoscovici #Greece
12.11pm BST12:1112.11pm BST12:11
Moscovici: We're making swift progress with GreeceMoscovici: We're making swift progress with Greece
Swiftness has been in short supply in the eurozone crisis this year, often losing out to torpor and deadlock.Swiftness has been in short supply in the eurozone crisis this year, often losing out to torpor and deadlock.
But European commissioner Pierre Moscovici is telling reporters in Brussels that rapid progress is now being made towards a third Greek bailout, with all sides delivering on their commitments.But European commissioner Pierre Moscovici is telling reporters in Brussels that rapid progress is now being made towards a third Greek bailout, with all sides delivering on their commitments.
We are making swift progress towards implementation of the eurozone summit agreement, says @pierremoscovici on #GreeceWe are making swift progress towards implementation of the eurozone summit agreement, says @pierremoscovici on #Greece
Moscovici also credited the “constructive approach” shown by all sides.Moscovici also credited the “constructive approach” shown by all sides.
11.47am BST11:4711.47am BST11:47
Syriza MP Rachel Makri has pledged to oppose tonight’s measures:Syriza MP Rachel Makri has pledged to oppose tonight’s measures:
Syriza's Rachel Makri vows to vote against govt: "I won't betray our voters" #Greece pic.twitter.com/rUMZc0KOWaSyriza's Rachel Makri vows to vote against govt: "I won't betray our voters" #Greece pic.twitter.com/rUMZc0KOWa
Makri is one of 32 Syriza MPs who voted No a week ago.Makri is one of 32 Syriza MPs who voted No a week ago.
11.32am BST11:3211.32am BST11:32
Three former government ministers are glowering on the Athens parliamentary seats today:Three former government ministers are glowering on the Athens parliamentary seats today:
Former energy minister Panagiotis Lafazanis (left) and former deputy labor minister Dimitris Stratoulis (centre) were replaced by Alexis Tsipras on Friday night, after voting to reject the bailout deal.Former energy minister Panagiotis Lafazanis (left) and former deputy labor minister Dimitris Stratoulis (centre) were replaced by Alexis Tsipras on Friday night, after voting to reject the bailout deal.
They’re near Yanis Varoufakis, who had already stepped down before joining the rebels on Wednesday night.They’re near Yanis Varoufakis, who had already stepped down before joining the rebels on Wednesday night.
Updated at 11.32am BSTUpdated at 11.32am BST
11.20am BST11:2011.20am BST11:20
Heads-up.... the European Central Bank is expected to discuss the Greek banking system shortly.Heads-up.... the European Central Bank is expected to discuss the Greek banking system shortly.
Last Thursday, the ECB provided €900m in new emergency liquidity assistance (ELA) to Greece -- enough to last a week, according to Mario Draghi. So it could be time for another dose....Last Thursday, the ECB provided €900m in new emergency liquidity assistance (ELA) to Greece -- enough to last a week, according to Mario Draghi. So it could be time for another dose....
BBG Reporting That The ECB Could Hold Call On Greek ELA At 12:00 BSTBBG Reporting That The ECB Could Hold Call On Greek ELA At 12:00 BST
Updated at 11.20am BSTUpdated at 11.20am BST
11.13am BST11:1311.13am BST11:13
AFP’s Katy Lee has a good take on why tonight’s vote is a key test for Alexis Tsipras, after his cabinet reshuffle highlighted the divisions in his Syriza party:AFP’s Katy Lee has a good take on why tonight’s vote is a key test for Alexis Tsipras, after his cabinet reshuffle highlighted the divisions in his Syriza party:
Vassiliki Georgiadis, a political science professor at Athens’ Panteion University, said the split was between hard-left MPs -- “some of whom have spoken of a Greek exit from the eurozone as the only solution” -- and those more sympathetic to Tsipras’s arguments.Vassiliki Georgiadis, a political science professor at Athens’ Panteion University, said the split was between hard-left MPs -- “some of whom have spoken of a Greek exit from the eurozone as the only solution” -- and those more sympathetic to Tsipras’s arguments.
She added it would be “difficult” for the 40-year-old premier to continue in office if he was forced to rely on opposition MPs to get laws passed.She added it would be “difficult” for the 40-year-old premier to continue in office if he was forced to rely on opposition MPs to get laws passed.
Government spokeswoman Olga Gerovassili said Monday elections would not be “useful at the moment,” and the government had “no intention” of calling early polls.Government spokeswoman Olga Gerovassili said Monday elections would not be “useful at the moment,” and the government had “no intention” of calling early polls.
But while most Syriza MPs backed the government in the first vote last week, there has been a swell of anger against the deal amongst the party’s more radical rank-and-file members.But while most Syriza MPs backed the government in the first vote last week, there has been a swell of anger against the deal amongst the party’s more radical rank-and-file members.
Civil servants’ union ADEDY and the communist-affiliated PAME union said they would stage protests outside parliament during Wednesday’s emergency debate.Civil servants’ union ADEDY and the communist-affiliated PAME union said they would stage protests outside parliament during Wednesday’s emergency debate.
Greece to vote on second bailout bill in test for Tsipras http://t.co/okbyoqvSpX pic.twitter.com/KLNnOx8ealGreece to vote on second bailout bill in test for Tsipras http://t.co/okbyoqvSpX pic.twitter.com/KLNnOx8eal
Updated at 11.14am BSTUpdated at 11.14am BST
11.02am BST11:0211.02am BST11:02
The Institute of Directors isn’t impressed that the Greek crisis encouraged the Bank of England’s interest rate setters to sit on their hands again this month.The Institute of Directors isn’t impressed that the Greek crisis encouraged the Bank of England’s interest rate setters to sit on their hands again this month.
IoD chief economist James Sproule says borrowing costs should be raised to more normal levels, starting now.IoD chief economist James Sproule says borrowing costs should be raised to more normal levels, starting now.
“The longer interest rates languish at a historic low, the harder it will be for Mark Carney to raise them ‘slowly and gradually’. The earlier the process of normalising rates starts, the smoother the course will be, and the longer the economy will have to adjust and prepare.“The longer interest rates languish at a historic low, the harder it will be for Mark Carney to raise them ‘slowly and gradually’. The earlier the process of normalising rates starts, the smoother the course will be, and the longer the economy will have to adjust and prepare.
If rates do not begin to return to a more sustainable level soon, the Bank of England will be defenceless when the next crisis strikes, and unable to support the economy by shifts in monetary policy.”If rates do not begin to return to a more sustainable level soon, the Bank of England will be defenceless when the next crisis strikes, and unable to support the economy by shifts in monetary policy.”
Although, with inflation just zero, you can see why the MPC is taking its time....Although, with inflation just zero, you can see why the MPC is taking its time....
10.47am BST10:4710.47am BST10:47
Meanwhile in London the head of the City watchdog, Martin Wheatley, has told reporters that he’s “disappointed” by chancellor George Osborne’s decision to force him out last week.Meanwhile in London the head of the City watchdog, Martin Wheatley, has told reporters that he’s “disappointed” by chancellor George Osborne’s decision to force him out last week.
FCA boss Wheatley tells public meeting: Disappointed to be leaving, do so with a sense of unfinished businessFCA boss Wheatley tells public meeting: Disappointed to be leaving, do so with a sense of unfinished business
FCA's Wheatley: "We're not in regulation to regulate for the sake of it."FCA's Wheatley: "We're not in regulation to regulate for the sake of it."
Update: the FCA was also criticised over one of the scandal where small businesses were sold costly ‘swaps’ to protect them against interest rate rises:Update: the FCA was also criticised over one of the scandal where small businesses were sold costly ‘swaps’ to protect them against interest rate rises:
Anger at FCA public meeting over its handling of interest rate swaps misselling - 30,000 products were sold to small businessesAnger at FCA public meeting over its handling of interest rate swaps misselling - 30,000 products were sold to small businesses
FCA's Wheatley insists £2bn in compensation paid out and interest rate swap missellling redress process has been effectiveFCA's Wheatley insists £2bn in compensation paid out and interest rate swap missellling redress process has been effective
FCA's Wheatley forced to admit no one has been fined and no individuals been banned when pressed on the interest rate misselling scandalFCA's Wheatley forced to admit no one has been fined and no individuals been banned when pressed on the interest rate misselling scandal
Updated at 1.44pm BSTUpdated at 1.44pm BST
10.22am BST10:2210.22am BST10:22
Helena SmithHelena Smith
Over in Athens prime minister Alexis Tsipras has kicked of the day by meeting senior banking officials.Over in Athens prime minister Alexis Tsipras has kicked of the day by meeting senior banking officials.
Our correspondent Helena Smith reports:Our correspondent Helena Smith reports:
As finance minister Euclid Tsakalotos initiated the debate in parliament ahead of tonight’s vote (with much media commentary about his freshly cut locks), the Greek prime minister was meeting those who run the banking system following the opening of bank branches on Monday.As finance minister Euclid Tsakalotos initiated the debate in parliament ahead of tonight’s vote (with much media commentary about his freshly cut locks), the Greek prime minister was meeting those who run the banking system following the opening of bank branches on Monday.
Louka Katselli, the Yale-trained economist who heads the Greek banking association, was caught on camera saying with the real economy so damaged by the three-week closure of lenders, it was now vital that normality returned to the system. She praised the “responsible” response of Greeks who – defying expectation – did not stampede banks when they re-opened for (limited) business two days ago.Louka Katselli, the Yale-trained economist who heads the Greek banking association, was caught on camera saying with the real economy so damaged by the three-week closure of lenders, it was now vital that normality returned to the system. She praised the “responsible” response of Greeks who – defying expectation – did not stampede banks when they re-opened for (limited) business two days ago.
Aides said Tsipras, however, will use the meeting to “get some clarity” on the ever thorny issue of forced home foreclosures [or repossessions] which will be included in the banking laws that will be voted on tonight.Aides said Tsipras, however, will use the meeting to “get some clarity” on the ever thorny issue of forced home foreclosures [or repossessions] which will be included in the banking laws that will be voted on tonight.
The leftist leader cut to the chase saying it was expedient that vulnerable members of society were not affected by the foreclosures - an issue that would almost certainly prompt mass protests.The leftist leader cut to the chase saying it was expedient that vulnerable members of society were not affected by the foreclosures - an issue that would almost certainly prompt mass protests.
Greece’s four systemic banks have committed to put a ban on foreclosures until the end of the year but with non-performing loans now the biggest risk for the system they have also come under unprecedented pressure to tackle the issue.Greece’s four systemic banks have committed to put a ban on foreclosures until the end of the year but with non-performing loans now the biggest risk for the system they have also come under unprecedented pressure to tackle the issue.
Updated at 10.30am BSTUpdated at 10.30am BST
10.04am BST10:0410.04am BST10:04
Greece’s finance minister is looking a little less rumpled today:Greece’s finance minister is looking a little less rumpled today:
parliament now: tsakalotos got a haircut and is wearing an ironed shirt. hmmm...parliament now: tsakalotos got a haircut and is wearing an ironed shirt. hmmm...
9.55am BST09:559.55am BST09:55
Just in: photos of finance minister Euclid Tsakalotos urging MPs to support today’s reform bill:Just in: photos of finance minister Euclid Tsakalotos urging MPs to support today’s reform bill:
9.41am BST09:419.41am BST09:41
Greek crisis helped keep UK interest rates at record lowGreek crisis helped keep UK interest rates at record low
The Greek crisis helped to persuade the Bank of England to leave interest rates unchanged at just 0.5% this month.The Greek crisis helped to persuade the Bank of England to leave interest rates unchanged at just 0.5% this month.
Today’s minutes of the meeting show that some MPC members are more worried about medium-term inflation risks, meaning they were considering voting to raise rates.Today’s minutes of the meeting show that some MPC members are more worried about medium-term inflation risks, meaning they were considering voting to raise rates.
However, they weren’t prepared to risk a rate hike while Greece’s bailout was in the balance.However, they weren’t prepared to risk a rate hike while Greece’s bailout was in the balance.
The minutes say:The minutes say:
For these members, the uncertainty caused by recent developments in Greece was a very material factor in their decisions: absent that uncertainty, the decision between holding Bank Rate at its current level versus a small increase was becoming more finely balanced.For these members, the uncertainty caused by recent developments in Greece was a very material factor in their decisions: absent that uncertainty, the decision between holding Bank Rate at its current level versus a small increase was becoming more finely balanced.
In other words.... some MPC members may vote to raise UK interest rates once Greece’s third aid programme is agreed.In other words.... some MPC members may vote to raise UK interest rates once Greece’s third aid programme is agreed.
Some could make the move as early as next month.....Some could make the move as early as next month.....
We get the picture. very good chance that we could see 6-3 (yes 6, 3) at the August meeting ahead of the BoE inflation report #forexWe get the picture. very good chance that we could see 6-3 (yes 6, 3) at the August meeting ahead of the BoE inflation report #forex
On the basis of those minutes, I am going for 3 MPC members to vote for a 25bps hike in August (Weale, McCafferty and Forbes)On the basis of those minutes, I am going for 3 MPC members to vote for a 25bps hike in August (Weale, McCafferty and Forbes)
You can see the minutes here.You can see the minutes here.
Updated at 9.43am BSTUpdated at 9.43am BST
9.32am BST09:329.32am BST09:32
Minutes of the MPC Meeting ending 8 July reveal unanimous vote on #BankRate and Asset PurchasesMinutes of the MPC Meeting ending 8 July reveal unanimous vote on #BankRate and Asset Purchases
9.31am BST09:319.31am BST09:31
Bank of England minutes releasedBank of England minutes released
Here come the minutes of the Bank of England’s latest monetary policy committee meeting, two weeks ago.....Here come the minutes of the Bank of England’s latest monetary policy committee meeting, two weeks ago.....
And they show that the MPC voted 9-0 to leave interest rates unchanged at 0.5%. It was a “clear cut” decision, apparently.And they show that the MPC voted 9-0 to leave interest rates unchanged at 0.5%. It was a “clear cut” decision, apparently.
More to follow....More to follow....
9.18am BST09:189.18am BST09:18
Here’s how the next few weeks could play out:Here’s how the next few weeks could play out:
CHART: #Greece's new bailout finalized by mid-August IF all goes well. Process could still derail or suffer delays. pic.twitter.com/4FRxHdNfSMCHART: #Greece's new bailout finalized by mid-August IF all goes well. Process could still derail or suffer delays. pic.twitter.com/4FRxHdNfSM
9.18am BST09:189.18am BST09:18
Two underground stations in the centre of Athens will close early tonight, before tonight’s anti-austerity rally gets underway.Two underground stations in the centre of Athens will close early tonight, before tonight’s anti-austerity rally gets underway.
That includes one near the parliament building, where riot police fired teargas a week ago after molotov cocktails were thrown.That includes one near the parliament building, where riot police fired teargas a week ago after molotov cocktails were thrown.
Syntagma and Panepistimio metro stations in Athens to close at 6 pm on police orders. Anti-bailout rally scheduled for 7.30 pm #GreeceSyntagma and Panepistimio metro stations in Athens to close at 6 pm on police orders. Anti-bailout rally scheduled for 7.30 pm #Greece
8.53am BST08:538.53am BST08:53
Greek finance minister: Let's get this wrapped upGreek finance minister: Let's get this wrapped up
Today’s debate in Athens began with finance minister Euclid Tsakalotos urging MPs to support the government.Today’s debate in Athens began with finance minister Euclid Tsakalotos urging MPs to support the government.
Tsakalotos told parliament it is vital to sign off the measures demanded by creditors, so that talks over a third Greek bailout can begin later this week.Tsakalotos told parliament it is vital to sign off the measures demanded by creditors, so that talks over a third Greek bailout can begin later this week.
Tsakalotos said:Tsakalotos said:
“It’s extremely important to wrap up this prior actions procedure so that we can start negotiations on Friday.”“It’s extremely important to wrap up this prior actions procedure so that we can start negotiations on Friday.”
Ξεκίνησε η συζήτηση«Δεν υπάρχει η λέξη αγρότες στα προαπαιτούμενα Ασφυκτικά τα χρονοδιαγράμματα.» #vouli #tsakalotos pic.twitter.com/ACLaKWNvG4Ξεκίνησε η συζήτηση«Δεν υπάρχει η λέξη αγρότες στα προαπαιτούμενα Ασφυκτικά τα χρονοδιαγράμματα.» #vouli #tsakalotos pic.twitter.com/ACLaKWNvG4
8.42am BST08:428.42am BST08:42
Tonight’s vote will show how much authority Alexis Tsipras still holds in the Athens parliament, says Connor Campbell of SpreadEx.Tonight’s vote will show how much authority Alexis Tsipras still holds in the Athens parliament, says Connor Campbell of SpreadEx.
Each week appears to bring with it another post-threatening obstacle for the Greek PM, and with talks circulating that Tsipras might call a snap-election in the next few months, this vote is another chance for the global public to see how stable his position actually is.Each week appears to bring with it another post-threatening obstacle for the Greek PM, and with talks circulating that Tsipras might call a snap-election in the next few months, this vote is another chance for the global public to see how stable his position actually is.
Opposition parties have suggested that Tsipras should focus on implementing his deal rather than calling a fresh election.Opposition parties have suggested that Tsipras should focus on implementing his deal rather than calling a fresh election.
Opposition urges Tsipras to drop talk of snap polls http://t.co/NtMjYRlAyj #GreeceOpposition urges Tsipras to drop talk of snap polls http://t.co/NtMjYRlAyj #Greece
Syriza still holds a solid lead in the opinion polls, suggesting Tsipras would win a snap election.Syriza still holds a solid lead in the opinion polls, suggesting Tsipras would win a snap election.
8.34am BST08:348.34am BST08:34
French business confidence hits four-year highFrench business confidence hits four-year high
France’s economy has shrugged off the impact of the Greek crisis.France’s economy has shrugged off the impact of the Greek crisis.
Confidence across the private sector has just hit its highest point since the eurozone crisis exploded in 2011, according to new data from the INSEE stats body:Confidence across the private sector has just hit its highest point since the eurozone crisis exploded in 2011, according to new data from the INSEE stats body:
Manufacturers, wholesale traders, and service companies all reported that their business climate had improved this month.Manufacturers, wholesale traders, and service companies all reported that their business climate had improved this month.
It suggests the French economy is hitting a stronger patch this summer.It suggests the French economy is hitting a stronger patch this summer.
As Credit Agricole analyst Fred Ducrozet points out, there’s more to life than Greece:As Credit Agricole analyst Fred Ducrozet points out, there’s more to life than Greece:
French Insee business confidence highest in 4 years. Greece? Meh. Truth is *most* businesses and households don't give a damn.French Insee business confidence highest in 4 years. Greece? Meh. Truth is *most* businesses and households don't give a damn.
8.26am BST08:268.26am BST08:26
No reforms, no money.No reforms, no money.
That’s the message to Athens from a senior German MP this morning.That’s the message to Athens from a senior German MP this morning.
Gunther Krichbaum, chairman of the German parliament’s Europe committee, told the Bild tabloid newspaper that:Gunther Krichbaum, chairman of the German parliament’s Europe committee, told the Bild tabloid newspaper that:
“We are keeping a close eye on whether Athens not only adopts the reforms, but also implements them....Greece must fulfil the conditions, otherwise the money cannot flow.”“We are keeping a close eye on whether Athens not only adopts the reforms, but also implements them....Greece must fulfil the conditions, otherwise the money cannot flow.”
8.24am BST08:248.24am BST08:24
Shares hit by US tech resultsShares hit by US tech results
European stock markets are falling in early trading, but we can’t blame Greece this time.European stock markets are falling in early trading, but we can’t blame Greece this time.
Traders are reacting to a triple-dose of financial results from major US tech firms last night.Traders are reacting to a triple-dose of financial results from major US tech firms last night.
Mike van Dulken of Accendo Markets sums it up:Mike van Dulken of Accendo Markets sums it up:
Apple Q3 revenues, gross margin and profits beat estimates, but 47.5m iPhones sold missed 49m consensus and the outlook was nothing to text home about.Apple Q3 revenues, gross margin and profits beat estimates, but 47.5m iPhones sold missed 49m consensus and the outlook was nothing to text home about.
While Microsoft results also beat at the top and bottom line, a Nokia restructuring charge and low core product demand weighed.While Microsoft results also beat at the top and bottom line, a Nokia restructuring charge and low core product demand weighed.
Yahoo! sales beat but profits missed estimates and guidance was below consensus.Yahoo! sales beat but profits missed estimates and guidance was below consensus.
And here’s the damage:And here’s the damage:
8.08am BST08:088.08am BST08:08
Bank of England minutes in an hour and a half Starting to look like there were some votes for rate hikes #GBPBank of England minutes in an hour and a half Starting to look like there were some votes for rate hikes #GBP
8.05am BST08:058.05am BST08:05
And they’re off.....And they’re off.....
Debate begins for second round of measures demanded for new bailout #Greece pic.twitter.com/dd0IeuZU7zDebate begins for second round of measures demanded for new bailout #Greece pic.twitter.com/dd0IeuZU7z
8.03am BST08:038.03am BST08:03
The Greek civil servants’ union, ADEDY, have organised anti-austerity protests for tonight:The Greek civil servants’ union, ADEDY, have organised anti-austerity protests for tonight:
Enikos has the details:Enikos has the details:
The rally will take place in front of the Athens University administration building at 7:30 p.m. (5.30pm BST).The rally will take place in front of the Athens University administration building at 7:30 p.m. (5.30pm BST).
ADEDY demands that the new, “barbaric” bailout not pass, an end to all austerity measures “and the fulfilment of popular needs” as well as the cancellation of Greece’s debt.ADEDY demands that the new, “barbaric” bailout not pass, an end to all austerity measures “and the fulfilment of popular needs” as well as the cancellation of Greece’s debt.
Greek civil servants protest bailout - http://t.co/1n2WwATnVXGreek civil servants protest bailout - http://t.co/1n2WwATnVX
Updated at 8.03am BSTUpdated at 8.03am BST
7.59am BST07:597.59am BST07:59
Here's what Greek MPs will vote on tonightHere's what Greek MPs will vote on tonight
The reform package on the table today doesn’t contain as much austerity as the programme of tax hikes and spending cuts that was approved a week ago.The reform package on the table today doesn’t contain as much austerity as the programme of tax hikes and spending cuts that was approved a week ago.
But as my colleague Jennifer Rankin explains, it does include two far-reaching measures:But as my colleague Jennifer Rankin explains, it does include two far-reaching measures:
The first is the adoption of a new code of civil procedure, with the aim of speeding up court processes and reducing costs. Greece’s current code of civil procedure has been little amended since it was introduced in 1967 and the country’s international creditors have been pressing for change.The first is the adoption of a new code of civil procedure, with the aim of speeding up court processes and reducing costs. Greece’s current code of civil procedure has been little amended since it was introduced in 1967 and the country’s international creditors have been pressing for change.
Some civil and commercial disputes can take two or three years to come to court and litigants have few options for out-of-court settlements. The new code, which reduces the number of special procedures and replaces paperwork with electronic alternatives, was originally meant to be adopted in May 2014.Some civil and commercial disputes can take two or three years to come to court and litigants have few options for out-of-court settlements. The new code, which reduces the number of special procedures and replaces paperwork with electronic alternatives, was originally meant to be adopted in May 2014.
The next task mandated by the eurozone is to put the bank recovery and resolution directive, one of the EU’s post-crisis banking rules, into Greek national law. The directive aims to ensure creditors and shareholders, rather than taxpayers, bear the losses of future bank failures. Greece already has a legal obligation to adopt the plan.The next task mandated by the eurozone is to put the bank recovery and resolution directive, one of the EU’s post-crisis banking rules, into Greek national law. The directive aims to ensure creditors and shareholders, rather than taxpayers, bear the losses of future bank failures. Greece already has a legal obligation to adopt the plan.
Here’s Jennifer’s story on tonight’s vote:Here’s Jennifer’s story on tonight’s vote:
Related: Chances of Greek bailout rest on MPs' voteRelated: Chances of Greek bailout rest on MPs' vote
7.52am BST07:527.52am BST07:52
Tonight’s vote is a key test for Alexis Tsipras, following his split with left-wing rebels in his Syriza party last week.Tonight’s vote is a key test for Alexis Tsipras, following his split with left-wing rebels in his Syriza party last week.
The 32 MPs who defied Tsipras in the original bailout vote last week are likely to do the same. But government insiders hope that some of the six MPs who abstained last time might return to the fold.The 32 MPs who defied Tsipras in the original bailout vote last week are likely to do the same. But government insiders hope that some of the six MPs who abstained last time might return to the fold.
Tsipras tried to rally the troops yesterday, telling them that the deal he struck was a “compromise” that allowed them to keep fighting.Tsipras tried to rally the troops yesterday, telling them that the deal he struck was a “compromise” that allowed them to keep fighting.
7.46am BST07:467.46am BST07:46
Introduction: Another Greek vote loomsIntroduction: Another Greek vote looms
Good morning, and welcome to our rolling coverage of the Greek debt crisis, and other events across the financial markets, the global economy and business.Good morning, and welcome to our rolling coverage of the Greek debt crisis, and other events across the financial markets, the global economy and business.
Greece’s parliament must vote today on a second dose of economic reforms, in return for talks on its third bailout.Greece’s parliament must vote today on a second dose of economic reforms, in return for talks on its third bailout.
It includes:It includes:
MPs in Athens will debate the laws in a committee session this morning, but the final debate is this evening. Local media reckon the vote will be at “midnight” (a flexible target, as regular crisis-watchers will know).MPs in Athens will debate the laws in a committee session this morning, but the final debate is this evening. Local media reckon the vote will be at “midnight” (a flexible target, as regular crisis-watchers will know).
#Greece | Parliamentary debate on 'prior actions II' bill to start soon at Committees level. Plenary debate in the evening. #GreeceCrisis#Greece | Parliamentary debate on 'prior actions II' bill to start soon at Committees level. Plenary debate in the evening. #GreeceCrisis
It could be another bruising session for Alexis Tsipras, the Greek prime minister, who has already ousted many of the rebels who defied him a week ago.It could be another bruising session for Alexis Tsipras, the Greek prime minister, who has already ousted many of the rebels who defied him a week ago.
The measures are likely to pass, as opposition MPs are likely to back Tsipras. Unions, though, will be protesting outside the Athens parliament; anger over the deal struck in Brussels 10 days ago hasn’t gone away.The measures are likely to pass, as opposition MPs are likely to back Tsipras. Unions, though, will be protesting outside the Athens parliament; anger over the deal struck in Brussels 10 days ago hasn’t gone away.
Also coming up today......Also coming up today......
Europe’s stock markets are expected to dip, after technology firm Apple stunned Wall Street last night by missing forecasts for revenue and iPhone sales. Its shares fell over 6% in after-hours trading.Europe’s stock markets are expected to dip, after technology firm Apple stunned Wall Street last night by missing forecasts for revenue and iPhone sales. Its shares fell over 6% in after-hours trading.
Half an hour to go and FTSE100 looks set to start around 45 points lower, at 6724Half an hour to go and FTSE100 looks set to start around 45 points lower, at 6724
The minutes of the Bank of England’s latest monetary policy meeting are released at 9.30am BST.The minutes of the Bank of England’s latest monetary policy meeting are released at 9.30am BST.
Last week, governor Mark Carney dropped a loud hint that interest rates could rise around the turn of the year; the minutes will show how many MPC member agree with him.Last week, governor Mark Carney dropped a loud hint that interest rates could rise around the turn of the year; the minutes will show how many MPC member agree with him.
I’ll be tracking all the action through the day...I’ll be tracking all the action through the day...
Updated at 8.04am BSTUpdated at 8.04am BST