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Business live: Athens parliament approves bailout reform package - as it happened Business live: Greek parliament approves bailout reform package - as it happened
(35 minutes later)
3.28am BST03:283.28am BST03:28
Closing summary: Tsipras faces down rebels to win bailout voteClosing summary: Tsipras faces down rebels to win bailout vote
Time to wrap up, with a quick recap, as dawn prepares to break over Athens.Time to wrap up, with a quick recap, as dawn prepares to break over Athens.
Greek MPs have voted by a wide margin to approve the latest economic reforms demanded by its lenders.Greek MPs have voted by a wide margin to approve the latest economic reforms demanded by its lenders.
At another late-night session in parliament, 230 MPs backed the plan while just 63 opposed it.At another late-night session in parliament, 230 MPs backed the plan while just 63 opposed it.
And Alexis Tsipras again faced down rebels within his own party who oppose a third bailout. 36 Syriza MPs either voted no or abstained, three fewer than at a similar vote last week.And Alexis Tsipras again faced down rebels within his own party who oppose a third bailout. 36 Syriza MPs either voted no or abstained, three fewer than at a similar vote last week.
The vote clears the way for Greece to begin formal talks with its lenders on a three-year package of loans that could be worth €86bn.The vote clears the way for Greece to begin formal talks with its lenders on a three-year package of loans that could be worth €86bn.
Parliament approves latest measures ahead of 3rd bailout talks: 230 voted in favour, 63 against, 5 abstained & 2 absent #GreeceParliament approves latest measures ahead of 3rd bailout talks: 230 voted in favour, 63 against, 5 abstained & 2 absent #Greece
Before the vote, Tsipras urged MPs to support the bailout, which will save Greece from bankruptcy and preserve its place in the eurozone.Before the vote, Tsipras urged MPs to support the bailout, which will save Greece from bankruptcy and preserve its place in the eurozone.
“We made difficult choices and now we must all adapt to the new situation,” he told MPs, repeating that he doesn’t agree with many of the reforms - but will do his best to implement them.“We made difficult choices and now we must all adapt to the new situation,” he told MPs, repeating that he doesn’t agree with many of the reforms - but will do his best to implement them.
Tsipras was again backed by Greece’s main opposition parties, although they also criticised the PM for leading the country to the brink.Tsipras was again backed by Greece’s main opposition parties, although they also criticised the PM for leading the country to the brink.
And his former finance minister, Yanis Varoufakis, supported the measures, having voted against the government a week ago. He believes that the reforms to Greece’s legal system and banking sector are necessary, and had proposed them himself in the past:And his former finance minister, Yanis Varoufakis, supported the measures, having voted against the government a week ago. He believes that the reforms to Greece’s legal system and banking sector are necessary, and had proposed them himself in the past:
@IrateGreek No leftist accuses me of treachery & no rightist will ever welcome me. Plus I think I explained it fully http://t.co/24ykYbNB8L@IrateGreek No leftist accuses me of treachery & no rightist will ever welcome me. Plus I think I explained it fully http://t.co/24ykYbNB8L
The vote came after thousands of anti-austerity protesters marched in Athens. The demo was marred by a brief outbreak of violence at the end, when a few petrol bombs were thrown at riot police.The vote came after thousands of anti-austerity protesters marched in Athens. The demo was marred by a brief outbreak of violence at the end, when a few petrol bombs were thrown at riot police.
And earlier in the day, the European Central Bank provided €900m in extra emergency liquidity to keep Greece’s banks running. However, the country is still subjected to stringent capital controls.And earlier in the day, the European Central Bank provided €900m in extra emergency liquidity to keep Greece’s banks running. However, the country is still subjected to stringent capital controls.
Here’s our full story:Here’s our full story:
Related: Greek parliament approves next phase in bailout reformsRelated: Greek parliament approves next phase in bailout reforms
I’ll be back in a few hours to cover all the reaction to the vote, and other developments. Goodnight! GWI’ll be back in a few hours to cover all the reaction to the vote, and other developments. Goodnight! GW
Updated at 3.29am BSTUpdated at 3.29am BST
3.16am BST03:163.16am BST03:16
Former finance minister Yanis Varoufakis has written a blog post explaining that he voted Yes because he supports the economic reforms on the table tonight, and had even proposed them himself in the past.Former finance minister Yanis Varoufakis has written a blog post explaining that he voted Yes because he supports the economic reforms on the table tonight, and had even proposed them himself in the past.
Γιατί υπερψήφισα απόψε http://t.co/24ykYbNB8LΓιατί υπερψήφισα απόψε http://t.co/24ykYbNB8L
Last week, Varoufakis had opposed the tax rises and spending cuts demanded by creditors.Last week, Varoufakis had opposed the tax rises and spending cuts demanded by creditors.
3.12am BST03:123.12am BST03:12
There were some tired faces in the Athens parliament tonight:There were some tired faces in the Athens parliament tonight:
2.40am BST02:402.40am BST02:40
Alexis Tsipras should take comfort that the 36 Syriza rebels who voted ‘no’ tonight didn’t thwart his bailout deal.Alexis Tsipras should take comfort that the 36 Syriza rebels who voted ‘no’ tonight didn’t thwart his bailout deal.
Here’s Reuters early take:Here’s Reuters early take:
Greek Prime Minister Alexis Tsipras faced down a revolt by rebels in his leftists Syriza party to win parliament’s backing on Thursday for a second package of reforms required to start talks on a financial rescue deal.Greek Prime Minister Alexis Tsipras faced down a revolt by rebels in his leftists Syriza party to win parliament’s backing on Thursday for a second package of reforms required to start talks on a financial rescue deal.
The bill - containing judicial and banking reforms - easily passed with the support of 230 lawmakers in the 300-seat parliament thanks to the support of pro-euro opposition parties.The bill - containing judicial and banking reforms - easily passed with the support of 230 lawmakers in the 300-seat parliament thanks to the support of pro-euro opposition parties.
But 36 out of 149 deputies from his Syriza party voted against the overall bill or abstained - less than the rebellion by 39 deputies in last week’s vote on an initial set of reforms.But 36 out of 149 deputies from his Syriza party voted against the overall bill or abstained - less than the rebellion by 39 deputies in last week’s vote on an initial set of reforms.
Final tally marginally better for #Tsipras than last week. His position secure. But how long will Zoe Konstantopoulou last?Final tally marginally better for #Tsipras than last week. His position secure. But how long will Zoe Konstantopoulou last?
2.32am BST02:322.32am BST02:32
All the votes appear to be in, and the result is:All the votes appear to be in, and the result is:
So as expected, a solid victory. And that means that formal negotiations over a third bailout worth around €86bn can begin in the coming days, and potentially be completed by the second half of August.So as expected, a solid victory. And that means that formal negotiations over a third bailout worth around €86bn can begin in the coming days, and potentially be completed by the second half of August.
But what about Tsipras’s own party?But what about Tsipras’s own party?
It looks like 36 Syriza MPs have either voted against the bailout plan, or abstained/been absent. That’s three fewer rebels than at the first bailout vote a week ago. So, slightly better, but still not great for Alexis Tsipras.It looks like 36 Syriza MPs have either voted against the bailout plan, or abstained/been absent. That’s three fewer rebels than at the first bailout vote a week ago. So, slightly better, but still not great for Alexis Tsipras.
Only three less defections from Syriza. Tsipras must've been waiting for a better result. Syriza division looks inevitable now. #GreeceOnly three less defections from Syriza. Tsipras must've been waiting for a better result. Syriza division looks inevitable now. #Greece
2.25am BST02:252.25am BST02:25
Greek parliament approves reforms packageGreek parliament approves reforms package
It’s official - the Greek government has more than 150 votes in favour of tonight’s package of reforms (there are 300 seats in parliament).It’s official - the Greek government has more than 150 votes in favour of tonight’s package of reforms (there are 300 seats in parliament).
Greek lawmakers approve new creditor-demanded reforms, clearing way for bailout talks - APGreek lawmakers approve new creditor-demanded reforms, clearing way for bailout talks - AP
2.23am BST02:232.23am BST02:23
Yanis’s former press officer tweets:Yanis’s former press officer tweets:
Yes, this is correct, @yanisvaroufakis voted "Yes" in a "prior action" vote in parliament at around 4am July 23Yes, this is correct, @yanisvaroufakis voted "Yes" in a "prior action" vote in parliament at around 4am July 23
2.22am BST02:222.22am BST02:22
Several government MPs who rebelled a week ago are now backing the package. That appears to include former finance minister Yanis Varoufakis (we’ll have to check the roll count at the end)Several government MPs who rebelled a week ago are now backing the package. That appears to include former finance minister Yanis Varoufakis (we’ll have to check the roll count at the end)
Looking better for Tsipras. 4 SYRIZA MPs who abstained last week vote "Yes" this time, according to @aris_ravanos. Varoufakis from No to YEsLooking better for Tsipras. 4 SYRIZA MPs who abstained last week vote "Yes" this time, according to @aris_ravanos. Varoufakis from No to YEs
2.19am BST02:192.19am BST02:19
Voting beginsVoting begins
And finally, the vote is under way.... with many MPs voting to accept the package of reforms:And finally, the vote is under way.... with many MPs voting to accept the package of reforms:
#Greek government has enough votes to approve bailout prior actions bill!!!!!.............. as expected#Greek government has enough votes to approve bailout prior actions bill!!!!!.............. as expected
1.37am BST01:371.37am BST01:37
Now it’s speaker Konstantopolou’s turn, and she’s repeating her critism of Greece’s lenders for attempting a coup (she says) at last week’s summit:Now it’s speaker Konstantopolou’s turn, and she’s repeating her critism of Greece’s lenders for attempting a coup (she says) at last week’s summit:
Speaker Konstantopoulou: "Ownership" is term used by IMF to avoid responsibility for countries it destroyed #Greece pic.twitter.com/gxbpcG9orhSpeaker Konstantopoulou: "Ownership" is term used by IMF to avoid responsibility for countries it destroyed #Greece pic.twitter.com/gxbpcG9orh
1.23am BST01:231.23am BST01:23
Defending his government, Pappas is challenging MPs to either support Greece’s bailout deal or propose something better:Defending his government, Pappas is challenging MPs to either support Greece’s bailout deal or propose something better:
Put up or shut up is a summary of what @nikospappas16 is saying. @tsipras_eu's seat remains empty. Catching 40 winks if he's got any sense.Put up or shut up is a summary of what @nikospappas16 is saying. @tsipras_eu's seat remains empty. Catching 40 winks if he's got any sense.
1.18am BST01:181.18am BST01:18
Here comes minister Nikos Pappas...... and he’s arguing that Greece needs to think about the kind of Europe it wants to be part of (not merely whether it’s in, or out, of the single currency)Here comes minister Nikos Pappas...... and he’s arguing that Greece needs to think about the kind of Europe it wants to be part of (not merely whether it’s in, or out, of the single currency)
Minister of state Nikos Pappas says we need to wrap up and finish at a "human hour". And it's already 3.10am. #vouli pic.twitter.com/gIPRV7MU0EMinister of state Nikos Pappas says we need to wrap up and finish at a "human hour". And it's already 3.10am. #vouli pic.twitter.com/gIPRV7MU0E
Quite.....Quite.....
1.14am BST01:141.14am BST01:14
It can’t be long until the vote (he types, hopefully), but first the house may hear from minister of state Nikos Pappas, and then House speaker Zoe Konstantopoulou.It can’t be long until the vote (he types, hopefully), but first the house may hear from minister of state Nikos Pappas, and then House speaker Zoe Konstantopoulou.
Remember when they said the vote would be at 3am LOL #greece #vouliRemember when they said the vote would be at 3am LOL #greece #vouli
Updated at 1.19am BSTUpdated at 1.19am BST
1.08am BST01:081.08am BST01:08
No-one does shouting and arguing quite like Greek politicians....No-one does shouting and arguing quite like Greek politicians....
And.... yes we are now having a full blown debate about Marxist philosophy in Greek Parliament at 3 a.m. #GreeceAnd.... yes we are now having a full blown debate about Marxist philosophy in Greek Parliament at 3 a.m. #Greece
Now we've deputy speaker Mitropoulos shouting at finance minister @tsakalotos. #VouliNow we've deputy speaker Mitropoulos shouting at finance minister @tsakalotos. #Vouli
1.06am BST01:061.06am BST01:06
Defence spending is not included in tonight’s package of measures, but MPs are still discussing it (among other matters)Defence spending is not included in tonight’s package of measures, but MPs are still discussing it (among other matters)
In last 30 mins, we've heard about proportional voting, CDS & submarines among other assorted items. Remind me what we're voting on #GreeceIn last 30 mins, we've heard about proportional voting, CDS & submarines among other assorted items. Remind me what we're voting on #Greece
12.58am BST00:5812.58am BST00:58
Now it’s the turn of Evangelos Venizelos, the former Pasok leader and deputy PM, to clash with ANEL leader Panos Kammenos.Now it’s the turn of Evangelos Venizelos, the former Pasok leader and deputy PM, to clash with ANEL leader Panos Kammenos.
Two big men in suits facing off at three in the morning.Two big men in suits facing off at three in the morning.
This isn’t going to get the vote completed any faster, guys. #bedtimeThis isn’t going to get the vote completed any faster, guys. #bedtime
12.55am BST00:5512.55am BST00:55
It’s almost 3am in Athens, so with any luck the vote might take place shortly.It’s almost 3am in Athens, so with any luck the vote might take place shortly.
There’s not been much serious debate about these reform measures in the last few minutes - but the leaders of Pasok and ANEL (the Independent Greeks, who are Tsipras’s coalition partners) have clashed:There’s not been much serious debate about these reform measures in the last few minutes - but the leaders of Pasok and ANEL (the Independent Greeks, who are Tsipras’s coalition partners) have clashed:
#PASOK Gennimata slams #ANEL Kammenos about his 'populist conspiratorialism and poisonous lies.' #vouli#PASOK Gennimata slams #ANEL Kammenos about his 'populist conspiratorialism and poisonous lies.' #vouli
12.26am BST00:2612.26am BST00:26
Tonight’s result isn’t in doubt, as the mainstream opposition parties have confirmed they’ll support the government.Tonight’s result isn’t in doubt, as the mainstream opposition parties have confirmed they’ll support the government.
Everyone is waiting to see how many of Alexis Tsipras’s MPs rebel against the austerity package, though. Last week, 32 Syriza MPs voted no and 6 abstained. That was very nearly enough to rob the PM of his majority - so he’ll be hoping the rebel camp doesn’t swell.Everyone is waiting to see how many of Alexis Tsipras’s MPs rebel against the austerity package, though. Last week, 32 Syriza MPs voted no and 6 abstained. That was very nearly enough to rob the PM of his majority - so he’ll be hoping the rebel camp doesn’t swell.
12.14am BST00:1412.14am BST00:14
Now parliament is hearing from Fofi Gennimata, head of the left-wing Pasok party (and owner of a rather eye-catching jacket):Now parliament is hearing from Fofi Gennimata, head of the left-wing Pasok party (and owner of a rather eye-catching jacket):
Pasok leader Gennimata: You attacked us for 5 years, and lost so much in 5 months #Greece pic.twitter.com/nYnz81o7DwPasok leader Gennimata: You attacked us for 5 years, and lost so much in 5 months #Greece pic.twitter.com/nYnz81o7Dw
12.03am BST00:0312.03am BST00:03
A couple more photos from tonight’s debate:A couple more photos from tonight’s debate:
If you’re just tuning in, tonight’s debate is on the second raft of reforms demanded by Greece’s lenders in return for negotiations for a third bailout.If you’re just tuning in, tonight’s debate is on the second raft of reforms demanded by Greece’s lenders in return for negotiations for a third bailout.
It contains two key measures (as we outlined a mere 16 hours ago!). One is a new code of civil procedure, to reform and speed up Greece’s courts.It contains two key measures (as we outlined a mere 16 hours ago!). One is a new code of civil procedure, to reform and speed up Greece’s courts.
The second is to implement Europe’s bank recovery and resolution directive. That will include measures to ‘bail-in’ creditors when a bank fails.The second is to implement Europe’s bank recovery and resolution directive. That will include measures to ‘bail-in’ creditors when a bank fails.
Tonight’s legislation will also shake up the rules on repossessing homes, to make it easier for banks to act on bad debts (and evict people) (details here).Tonight’s legislation will also shake up the rules on repossessing homes, to make it easier for banks to act on bad debts (and evict people) (details here).
11.56pm BST23:5611.56pm BST23:56
No vote yet, folks. Instead, the head of the centrist To Potami party, Stavros Theodorakis, is speaking.No vote yet, folks. Instead, the head of the centrist To Potami party, Stavros Theodorakis, is speaking.
Theodorakis chides Tsipras for saying he doesn't believe in programme, argues it's insult to Greeks who'll feel impact of measures #GreeeceTheodorakis chides Tsipras for saying he doesn't believe in programme, argues it's insult to Greeks who'll feel impact of measures #Greeece
Theodorakis, like ND, demands that Konstantopoulou steps down. Find 50 MPs and impeach her. You have them. #vouli pic.twitter.com/gTy47pQBnVTheodorakis, like ND, demands that Konstantopoulou steps down. Find 50 MPs and impeach her. You have them. #vouli pic.twitter.com/gTy47pQBnV
11.45pm BST23:4511.45pm BST23:45
Neither of Greece’s two largest parties have any affection for this bailout deal, but they’re both going to give it a go.Neither of Greece’s two largest parties have any affection for this bailout deal, but they’re both going to give it a go.
The Economist Intelligence Unit’s Alex White sums it up:The Economist Intelligence Unit’s Alex White sums it up:
Tsipras: We still don't want to do any of this. We still think it's a bad idea. We haven't got much choice. Hopefully something will turn upTsipras: We still don't want to do any of this. We still think it's a bad idea. We haven't got much choice. Hopefully something will turn up
ND: We don't want to do any of this stuff either. We think it's a bad idea as well. We don't support it, or Govt, but we will vote for itND: We don't want to do any of this stuff either. We think it's a bad idea as well. We don't support it, or Govt, but we will vote for it
11.33pm BST23:3311.33pm BST23:33
New Democracy’s interim leader, Evangelos Meimarakis, is responding to Tsipras now - and landing a few punches:New Democracy’s interim leader, Evangelos Meimarakis, is responding to Tsipras now - and landing a few punches:
Opposition leader Meimarakis: Syriza's learning on the job was very expensive for Greeks #Greece pic.twitter.com/OEVOZCQ2GNOpposition leader Meimarakis: Syriza's learning on the job was very expensive for Greeks #Greece pic.twitter.com/OEVOZCQ2GN
Meimarakis telling #Tsipras he shouldn't boast that he got a bigger bailout as that also means bigger conditionality #GreeceMeimarakis telling #Tsipras he shouldn't boast that he got a bigger bailout as that also means bigger conditionality #Greece
But still, New Democracy will back tonight’s economic reform measures to ensure Greece can negotiate a third bailout:But still, New Democracy will back tonight’s economic reform measures to ensure Greece can negotiate a third bailout:
Meimarakis: we don't support the austerity measures, we don't support the government, but we're voting yes. #short_circuit #vouliMeimarakis: we don't support the austerity measures, we don't support the government, but we're voting yes. #short_circuit #vouli
11.31pm BST23:3111.31pm BST23:31
11.27pm BST23:2711.27pm BST23:27
Helena Smith sums up the Greek PM’s speech:Helena Smith sums up the Greek PM’s speech:
Alexis Tsipras did, after all, decide to address the House tonight, and once again has conceded that mistakes were made in the way Greece conducted negotiations with international creditors (is he thinking of his former finance minister?) But, he says, playing on Greek pride “a battle not waged, is a battle not won ... one day the battle will bear fruit.” Europe, he adds, won’t be the same after July 12 (the day of Greek capitulation). The leftist leader repeats that his government will be forced to enact a programme it doesn’t believe in - that surely is not music to creditors ears? “In reality we made difficult choices and now we must all adapt to the new situation,” he says, repeating that the choices were between Grexit, a disorderly defaut and enforcing a difficult programme.Alexis Tsipras did, after all, decide to address the House tonight, and once again has conceded that mistakes were made in the way Greece conducted negotiations with international creditors (is he thinking of his former finance minister?) But, he says, playing on Greek pride “a battle not waged, is a battle not won ... one day the battle will bear fruit.” Europe, he adds, won’t be the same after July 12 (the day of Greek capitulation). The leftist leader repeats that his government will be forced to enact a programme it doesn’t believe in - that surely is not music to creditors ears? “In reality we made difficult choices and now we must all adapt to the new situation,” he says, repeating that the choices were between Grexit, a disorderly defaut and enforcing a difficult programme.
Tsipras also went out of his way in his speech tonight to deflect speculation that homes could be repossessed under his government. “We are the guarantee that that will never happen,” he says. Noone who is poor, who lives in the poorer areas of Greece, will see his/her home taken aware, he says.Tsipras also went out of his way in his speech tonight to deflect speculation that homes could be repossessed under his government. “We are the guarantee that that will never happen,” he says. Noone who is poor, who lives in the poorer areas of Greece, will see his/her home taken aware, he says.
“Without that guarantee we don’t exist.”“Without that guarantee we don’t exist.”
#Tsipras tired & fed up? You bet. That, ladies & gents, is the face of a nation #Greece pic.twitter.com/r10WOF0SjC#Tsipras tired & fed up? You bet. That, ladies & gents, is the face of a nation #Greece pic.twitter.com/r10WOF0SjC
11.23pm BST23:2311.23pm BST23:23
Alexis Tsipras has also ruled out resigning, or abandoning the ‘battle fort’.Alexis Tsipras has also ruled out resigning, or abandoning the ‘battle fort’.
11.15pm BST23:1511.15pm BST23:15
A tired-looking Tsipras is running through some familiar themes, including the fact that debt restructuring is now on the agenda:A tired-looking Tsipras is running through some familiar themes, including the fact that debt restructuring is now on the agenda:
Tsipras: Lenders no longer talking about if debt relief will happen, but how much #Greece pic.twitter.com/uv0dCcF2K5Tsipras: Lenders no longer talking about if debt relief will happen, but how much #Greece pic.twitter.com/uv0dCcF2K5
(although after nearly a month of capital controls, Greece needs more debt relief than ever)(although after nearly a month of capital controls, Greece needs more debt relief than ever)
Updated at 11.18pm BSTUpdated at 11.18pm BST
11.11pm BST23:1111.11pm BST23:11
Tsipras defends his record (again)Tsipras defends his record (again)
Greece’s prime minister is on his feet now.Greece’s prime minister is on his feet now.
Alexis Tsipras defends the dramatic decisions he’s taken in recent weeks, saying his government has helped to change Europe.Alexis Tsipras defends the dramatic decisions he’s taken in recent weeks, saying his government has helped to change Europe.
Tsipras: I don't regret calling the referendum #Greece pic.twitter.com/kXNyUhC2GjTsipras: I don't regret calling the referendum #Greece pic.twitter.com/kXNyUhC2Gj
Tsipras, demonstrating a rather elastic view of history, claims the only lost battles are those that are not foughtTsipras, demonstrating a rather elastic view of history, claims the only lost battles are those that are not fought
And while this third bailout isn’t what he wanted (indeed!), it’s not the end of the struggle for fairness and social justice.And while this third bailout isn’t what he wanted (indeed!), it’s not the end of the struggle for fairness and social justice.
#tsipras tonight defensive: "Europe's conservative forces achieved a pyrrhic victory over Greece." After July 12 Europe a different place#tsipras tonight defensive: "Europe's conservative forces achieved a pyrrhic victory over Greece." After July 12 Europe a different place
10.22pm BST22:2210.22pm BST22:22
Tasteful as ever, the head of the far-right Golden Dawn party has apparently decided the president of the European Council is a Washington stooge:Tasteful as ever, the head of the far-right Golden Dawn party has apparently decided the president of the European Council is a Washington stooge:
Golden Dawn's Michaloliakos conspiracy theory over Donald Tusk: "He is USA's man in Europe. He cdn't hv convinced Merkel if he wasn't". LOLGolden Dawn's Michaloliakos conspiracy theory over Donald Tusk: "He is USA's man in Europe. He cdn't hv convinced Merkel if he wasn't". LOL
9.58pm BST21:589.58pm BST21:58
In other Eurozone news, Portugal will hold a general election on 4 October.In other Eurozone news, Portugal will hold a general election on 4 October.
With Spain also heading to the polls before Christmas, and the possibility of snap Greek elections too, it could be the most lively autumn since 2011 #great.With Spain also heading to the polls before Christmas, and the possibility of snap Greek elections too, it could be the most lively autumn since 2011 #great.
9.50pm BST21:509.50pm BST21:50
One senior opposition MP has reminded the government that they need cross-party support, given the split in Syriza:One senior opposition MP has reminded the government that they need cross-party support, given the split in Syriza:
ND's @NikosDendias says government has to stop attacking opposition, on which it now relies for support. #vouli pic.twitter.com/5iTtubDg3kND's @NikosDendias says government has to stop attacking opposition, on which it now relies for support. #vouli pic.twitter.com/5iTtubDg3k
9.46pm BST21:469.46pm BST21:46
One significant point from the debate - finance minister Euclid Tsakalotos pledged that Greece’s banks will get the fresh capital they need by the end of this year:One significant point from the debate - finance minister Euclid Tsakalotos pledged that Greece’s banks will get the fresh capital they need by the end of this year:
#Greece FinMin @tsakalotos reiterates banks will be recapitalised well ahead of Jan 1, 2016, when bail-in is introduced. #economy #ecb #esm#Greece FinMin @tsakalotos reiterates banks will be recapitalised well ahead of Jan 1, 2016, when bail-in is introduced. #economy #ecb #esm
9.38pm BST21:389.38pm BST21:38
Those of us without fluent Greek aren’t missing much, it seems:Those of us without fluent Greek aren’t missing much, it seems:
Is anyone intending to speak about the bill tonight? I might as well go to bed if they're going to expound on party politics. #vouliIs anyone intending to speak about the bill tonight? I might as well go to bed if they're going to expound on party politics. #vouli
8.51pm BST20:518.51pm BST20:51
Readers who want to follow the entire debate tonight should tune into this web feed (and take a crash course in Greek).Readers who want to follow the entire debate tonight should tune into this web feed (and take a crash course in Greek).
I’ll try to update the blog with the main developments through the night -- but really, the important news will be the result, in over four hours...I’ll try to update the blog with the main developments through the night -- but really, the important news will be the result, in over four hours...
In the meantime, Helena’s news story explains the main events today:In the meantime, Helena’s news story explains the main events today:
Related: ECB raises ceiling on emergency funds for Greece ahead of bailout voteRelated: ECB raises ceiling on emergency funds for Greece ahead of bailout vote
Updated at 8.51pm BSTUpdated at 8.51pm BST
8.48pm BST20:488.48pm BST20:48
Greek insiders hopeful ahead of tonight's voteGreek insiders hopeful ahead of tonight's vote
Helena SmithHelena Smith
Senior Greek government officials are putting on a brave face - saying they are “not anxious” about tonight’s vote.Senior Greek government officials are putting on a brave face - saying they are “not anxious” about tonight’s vote.
Helena Smith reports:Helena Smith reports:
Aides close to prime minister Alexis Tsipras are expressing confidence that MPs will rally to the cause and that at least 120 Syriza MPs (the vital number necessary to govern) will back the reforms.Aides close to prime minister Alexis Tsipras are expressing confidence that MPs will rally to the cause and that at least 120 Syriza MPs (the vital number necessary to govern) will back the reforms.
But in a sign of the open warfare now plaguing Tsipras’ Syriza party, hardliner Panagiotis Lafazanis insisted tonight that the radical leftists would be doing themselves a grave injustice if they did not also recognize there was an “alternative solution to the memoranda and austerity.”But in a sign of the open warfare now plaguing Tsipras’ Syriza party, hardliner Panagiotis Lafazanis insisted tonight that the radical leftists would be doing themselves a grave injustice if they did not also recognize there was an “alternative solution to the memoranda and austerity.”
In a statement that also called for a calming of tensions within Syriza, Lafazanis said:In a statement that also called for a calming of tensions within Syriza, Lafazanis said:
“Greece does not have a future as a blackmailed euro zone colony under memorandum, but as a proud, independent, progressive country, which without [foreign] stewardship, [and] despite the difficulties fights poverty, austerity and unemployment,”.“Greece does not have a future as a blackmailed euro zone colony under memorandum, but as a proud, independent, progressive country, which without [foreign] stewardship, [and] despite the difficulties fights poverty, austerity and unemployment,”.
Tsipras enjoys huge popularity ratings - more than his own party commentators frequently point out. If he is unable to control Syriza, in its present form, he may have to form a new party without the anti-euro hardliners so opposed to the reforms Greece has to make.Tsipras enjoys huge popularity ratings - more than his own party commentators frequently point out. If he is unable to control Syriza, in its present form, he may have to form a new party without the anti-euro hardliners so opposed to the reforms Greece has to make.
It remains to be seen how ugly the debate will get tonight. Already, 21 MPs from the main opposition New Democracy party, insinuating that some in Syriza have spirited money abroad (and in the case of a purported minister have actually set up an offshore company) have called for politicians to make their accounts public.It remains to be seen how ugly the debate will get tonight. Already, 21 MPs from the main opposition New Democracy party, insinuating that some in Syriza have spirited money abroad (and in the case of a purported minister have actually set up an offshore company) have called for politicians to make their accounts public.
8.43pm BST20:438.43pm BST20:43
Traffic is now flowing smoothly past the parliament building, showing that the anti-austerity demo is over.Traffic is now flowing smoothly past the parliament building, showing that the anti-austerity demo is over.
8.41pm BST20:418.41pm BST20:41
Helena SmithHelena Smith
The debate has begun with Syriza’s parliamentary spokesman Nikos Filis addressing the chamber.The debate has begun with Syriza’s parliamentary spokesman Nikos Filis addressing the chamber.
Zoe Konstantopoulou is presiding over the house as parliament speaker - and seems to be taking on Filis.Zoe Konstantopoulou is presiding over the house as parliament speaker - and seems to be taking on Filis.
8.33pm BST20:338.33pm BST20:33
#Greek parliament speaker Zoe Konstantopoulou launches debate declaring a summary read of reforms 2 b voted on 2night wd require 32 hours!#Greek parliament speaker Zoe Konstantopoulou launches debate declaring a summary read of reforms 2 b voted on 2night wd require 32 hours!
At 900 pages, that’s one every two minutes!At 900 pages, that’s one every two minutes!
8.31pm BST20:318.31pm BST20:31
The Athens News Agency has confirmed that tonight’s vote won’t come until 3am Greek time (1am BST).The Athens News Agency has confirmed that tonight’s vote won’t come until 3am Greek time (1am BST).
MPs haven’t made much progress yet. I believe they’ve spent most of the last 30 minutes debating whether to impeach speaker Zoe Konstantopoulou (who has been criticised over her opposition to the bailout).MPs haven’t made much progress yet. I believe they’ve spent most of the last 30 minutes debating whether to impeach speaker Zoe Konstantopoulou (who has been criticised over her opposition to the bailout).
This #vouli session is supposed to be about a 900+ page bill. Instead, talking about impeaching speaker of parlt whom no one will impeach.This #vouli session is supposed to be about a 900+ page bill. Instead, talking about impeaching speaker of parlt whom no one will impeach.
8.27pm BST20:278.27pm BST20:27
Petrol bomb hurled near cops 20 mins ago. Nothing major though, this has not turned into a riot pic.twitter.com/viq3Z19SIf @MakisSinodinosPetrol bomb hurled near cops 20 mins ago. Nothing major though, this has not turned into a riot pic.twitter.com/viq3Z19SIf @MakisSinodinos
8.22pm BST20:228.22pm BST20:22
The BBC’s Piers Scholfield reports that the streets are calm again:The BBC’s Piers Scholfield reports that the streets are calm again:
Most protesters left Syntagma as soon as anarchists put their balaclavas on. Couple of bangs, but all calm now. #greece.Most protesters left Syntagma as soon as anarchists put their balaclavas on. Couple of bangs, but all calm now. #greece.
8.20pm BST20:208.20pm BST20:20
Here’s a video clip of the moment the petrol bomb disrupted the peace, as the anti-austerity protest ended.Here’s a video clip of the moment the petrol bomb disrupted the peace, as the anti-austerity protest ended.
Une détonation #Syntagma pic.twitter.com/UzeWSKKP4vUne détonation #Syntagma pic.twitter.com/UzeWSKKP4v
It does appear to be an isolated incident. Athens is not ablaze.It does appear to be an isolated incident. Athens is not ablaze.
8.18pm BST20:188.18pm BST20:18
More photos of that petrol bomb, or bombs, that was just thrown:More photos of that petrol bomb, or bombs, that was just thrown:
#Syntagma Square a few minutes ago. #Athens #memorandum3 #antireport pic.twitter.com/kd7YGhQTug#Syntagma Square a few minutes ago. #Athens #memorandum3 #antireport pic.twitter.com/kd7YGhQTug
Eικόνα από το Σύνταγμα αυτή την ώρα http://t.co/8ceVcRdDz2 #Syntagma #naftemporiki pic.twitter.com/GZq1ZNLFvgEικόνα από το Σύνταγμα αυτή την ώρα http://t.co/8ceVcRdDz2 #Syntagma #naftemporiki pic.twitter.com/GZq1ZNLFvg
8.16pm BST20:168.16pm BST20:16
Petrol bomb thrownPetrol bomb thrown
Scrap that. Our Athens correspondent, Helena Smith, reports that a small violent protest did just break out on the edge of Syntagma Square:Scrap that. Our Athens correspondent, Helena Smith, reports that a small violent protest did just break out on the edge of Syntagma Square:
#Greece peaceful protests in #Syntagma square end with sudden outburst of violence as young protestors hurl rocks /petrol bombs at police#Greece peaceful protests in #Syntagma square end with sudden outburst of violence as young protestors hurl rocks /petrol bombs at police
#Syntagma now pic via @MakisSinodinos #antireport pic.twitter.com/VcctdzM1mE#Syntagma now pic via @MakisSinodinos #antireport pic.twitter.com/VcctdzM1mE
Updated at 8.21pm BSTUpdated at 8.21pm BST
8.11pm BST20:118.11pm BST20:11
Syntagma Square is ringing to the sound of chants, as a group of demonstrators begin to march away from the Athens parliament.Syntagma Square is ringing to the sound of chants, as a group of demonstrators begin to march away from the Athens parliament.
They left behind those bored-looking riot police, and a small group holding a large Greek flag.They left behind those bored-looking riot police, and a small group holding a large Greek flag.
They’ve made their point and (unlike a week ago) their anti-austerity message hasn’t been overshadowed by Molotov-toting rioters.They’ve made their point and (unlike a week ago) their anti-austerity message hasn’t been overshadowed by Molotov-toting rioters.
Will it sway government MPs to defy Alexis Tsipras tonight and vote against tonight’s reforms? You’ll find out in several hours.... (or possibly in the morning :) )Will it sway government MPs to defy Alexis Tsipras tonight and vote against tonight’s reforms? You’ll find out in several hours.... (or possibly in the morning :) )
Updated at 8.13pm BSTUpdated at 8.13pm BST
7.57pm BST19:577.57pm BST19:57
Happy to report that there is still no sign of violence in Athens tonight....Happy to report that there is still no sign of violence in Athens tonight....
Riot Police looking very bored, near rally at Syntagma #Greece pic.twitter.com/7gmKzPoVa0Riot Police looking very bored, near rally at Syntagma #Greece pic.twitter.com/7gmKzPoVa0
7.56pm BST19:567.56pm BST19:56
Tonight’s debate on the latest austerity measures demanded by Greece’s creditors is beginning shortly.Tonight’s debate on the latest austerity measures demanded by Greece’s creditors is beginning shortly.
Speaker Zoe Konstantopoulou is kicking things off now.Speaker Zoe Konstantopoulou is kicking things off now.
There’s a live-feed here (in Greek).There’s a live-feed here (in Greek).
Reminder, a vote isn’t expected for several hours (there’s talk of 3am Greek time, or 1am BST)Reminder, a vote isn’t expected for several hours (there’s talk of 3am Greek time, or 1am BST)
Updated at 7.58pm BSTUpdated at 7.58pm BST
7.42pm BST19:427.42pm BST19:42
The always excellent Macropolis site has a great explanation of the new rules on home repossessions which MPs will vote on tonight:The always excellent Macropolis site has a great explanation of the new rules on home repossessions which MPs will vote on tonight:
One of the provisions relates to home foreclosures, where the first asking price will be equal to the market price of the property and not to the “objective” price set by tax authorities and which is currently applied. Objective prices have not been adjusted since 2007 so they currently stand well above market prices.One of the provisions relates to home foreclosures, where the first asking price will be equal to the market price of the property and not to the “objective” price set by tax authorities and which is currently applied. Objective prices have not been adjusted since 2007 so they currently stand well above market prices.
This means that the starting price of foreclosures’ auctions will be much lower than before (around 30 percent on average) and could have a greater chance of success, meaning banks, which currently hold a large number of housing non-performing loans (NPLs), can recoup money. Property auctions related to foreclosures are very limited at the moment and mainly involve large buildings rather than homes.This means that the starting price of foreclosures’ auctions will be much lower than before (around 30 percent on average) and could have a greater chance of success, meaning banks, which currently hold a large number of housing non-performing loans (NPLs), can recoup money. Property auctions related to foreclosures are very limited at the moment and mainly involve large buildings rather than homes.
What the latest set of #Greece prior actions mean for foreclosures and banks. http://t.co/UUvcl9UXot #economy #ecb #banking #banksWhat the latest set of #Greece prior actions mean for foreclosures and banks. http://t.co/UUvcl9UXot #economy #ecb #banking #banks
7.29pm BST19:297.29pm BST19:29
#Livestream from #Syntagma square, protest against #Tsipras austerity program https://t.co/i7sdAjUZ9e #greece#Livestream from #Syntagma square, protest against #Tsipras austerity program https://t.co/i7sdAjUZ9e #greece
7.28pm BST19:287.28pm BST19:28
Russia Today are broadcasting a live feed from Syntagma - just click here.Russia Today are broadcasting a live feed from Syntagma - just click here.
7.20pm BST19:207.20pm BST19:20
There’s no sign of trouble in Athens tonight, but riot police are on the streets and ready for action:There’s no sign of trouble in Athens tonight, but riot police are on the streets and ready for action:
Policiers en bas de la place #Syntagma pic.twitter.com/QLX1yred8qPoliciers en bas de la place #Syntagma pic.twitter.com/QLX1yred8q
7.10pm BST19:107.10pm BST19:10
A few thousand people are now in Syntagma, journalist Elisa Perrigueur reports, making it a rather smaller demo than last week.A few thousand people are now in Syntagma, journalist Elisa Perrigueur reports, making it a rather smaller demo than last week.
Quelques milliers de personnes, moins que la semaine dernière #Syntagma #Athenes pic.twitter.com/5mgRjaVN08Quelques milliers de personnes, moins que la semaine dernière #Syntagma #Athenes pic.twitter.com/5mgRjaVN08
That’s understandable - last week’s protests came just two days after the bailout deal was agreed, so emotions were raw.That’s understandable - last week’s protests came just two days after the bailout deal was agreed, so emotions were raw.
Also, MPs were then voting on a swath of tax rises and spending cuts, rather than the legal and banking reforms on the table tonight.Also, MPs were then voting on a swath of tax rises and spending cuts, rather than the legal and banking reforms on the table tonight.
7.08pm BST19:087.08pm BST19:08
These video clips show how PAME’s protest march began under the eyes of riot police and tourists:These video clips show how PAME’s protest march began under the eyes of riot police and tourists:
#Pame #touristes #Police. Manifestation à Syntagma #Grèce pic.twitter.com/9VkzlL4npC#Pame #touristes #Police. Manifestation à Syntagma #Grèce pic.twitter.com/9VkzlL4npC
7.00pm BST19:007.00pm BST19:00
There are two separate demonstrations in Athens tonight. The first was organised by the communist PAME union (workers marching in regimentally straight lines).There are two separate demonstrations in Athens tonight. The first was organised by the communist PAME union (workers marching in regimentally straight lines).
The second was co-ordinated by Greece’s civil servants union, ADEDY:The second was co-ordinated by Greece’s civil servants union, ADEDY:
Leftists & ADEDY union reached Syntagma sq following communist PAME union pic.twitter.com/h8Xfx4otXg @dionisisath #agreekment #rbnewsLeftists & ADEDY union reached Syntagma sq following communist PAME union pic.twitter.com/h8Xfx4otXg @dionisisath #agreekment #rbnews
Updated at 7.03pm BSTUpdated at 7.03pm BST
6.57pm BST18:576.57pm BST18:57
The debate in the Greek parliament hasn’t started yet. It should begin in around 30 minutes, but a vote is many hours away...The debate in the Greek parliament hasn’t started yet. It should begin in around 30 minutes, but a vote is many hours away...
Plenary debate on 'Prior actions II" bill to start 1830 GMT. Vote expected after 2300 GMT. #Greece #GreeceCrisisPlenary debate on 'Prior actions II" bill to start 1830 GMT. Vote expected after 2300 GMT. #Greece #GreeceCrisis
That would be 2am Athens time, or midnight in the UK.That would be 2am Athens time, or midnight in the UK.
6.42pm BST18:426.42pm BST18:42
Another banner: this time protesting against new laws to make it easier to repossess homes:Another banner: this time protesting against new laws to make it easier to repossess homes:
Banner against home foreclosures in Syntagma sq amid anti-austerity rally pic.twitter.com/F8vKTlYn3a @dionisisath #Agreekment #greece #rbnewsBanner against home foreclosures in Syntagma sq amid anti-austerity rally pic.twitter.com/F8vKTlYn3a @dionisisath #Agreekment #greece #rbnews
As we reported this morning, this issue was raised by Alexis Tsipras this morning when he met with bank chiefs.As we reported this morning, this issue was raised by Alexis Tsipras this morning when he met with bank chiefs.
Greece’s four largest banks have committed to put a ban on foreclosures until the end of the year. But with under-performing loans rising, pressure is mounting on the lenders...Greece’s four largest banks have committed to put a ban on foreclosures until the end of the year. But with under-performing loans rising, pressure is mounting on the lenders...
Updated at 6.54pm BSTUpdated at 6.54pm BST
6.30pm BST18:306.30pm BST18:30
The spirit of OXI lives in Athens tonight, with demonstrators lifting a “No to the euro” banner close to the parliament building.The spirit of OXI lives in Athens tonight, with demonstrators lifting a “No to the euro” banner close to the parliament building.
6.12pm BST18:126.12pm BST18:12
A few hundred people have gathered in Syntagma Square so far, journalist Elisa Perrigueur reports:A few hundred people have gathered in Syntagma Square so far, journalist Elisa Perrigueur reports:
Petite présence devant le parlement, quelques centaines de personnes tout au plus #Grèce #Syntagma pic.twitter.com/dmqfiJZ6K1Petite présence devant le parlement, quelques centaines de personnes tout au plus #Grèce #Syntagma pic.twitter.com/dmqfiJZ6K1
6.10pm BST18:106.10pm BST18:10
The petrol bombs and tear gas that marred last week’s protests are still fresh in the memory, as tonight’s demonstration gets underway.The petrol bombs and tear gas that marred last week’s protests are still fresh in the memory, as tonight’s demonstration gets underway.
And there are already signs that riot police are in place.And there are already signs that riot police are in place.
Gathering for trade union rally v memorandum in #Syntagma. Lots of riot police on the ready. #Greece pic.twitter.com/aTUzmnLwdSGathering for trade union rally v memorandum in #Syntagma. Lots of riot police on the ready. #Greece pic.twitter.com/aTUzmnLwdS
6.03pm BST18:036.03pm BST18:03
The anti-austerity protest is making its way to Syntagma Square, the site of the Greek parliament: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/3RTTyQ7YOfGREECE 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 #GrèceForeign language schools protesting at #Syntagma against 23% tax pic.twitter.com/FSII4366y8 v @dionisisath #Greece #Grecia #antireport #Grèce
5.56pm BST17:565.56pm BST17:56
Tonight’s anti-austerity rally looks quite well attended:Tonight’s anti-austerity rally looks quite well attended:
Updated at 6.25pm BSTUpdated at 6.25pm BST
5.51pm BST17:515.51pm BST17:51
Anti-austerity protests beginAnti-austerity protests begin
Members of the Communist-affiliated PAME labor union are gathering in Athens now, for their anti-austerity rally in the Greek capital:Members of the Communist-affiliated PAME labor union are gathering in Athens now, for their anti-austerity rally in the Greek capital:
Updated at 6.22pm BSTUpdated at 6.22pm BST
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
Updated at 6.16pm BSTUpdated at 6.16pm BST
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