Eurogroup Agrees to Third Bailout for Greece

Euro zone finance ministers agreed on Friday to lend Greece up to 86 billion euros through a third bailout to keep the country in the single currency.

This is Greece’s third bailout deal in five years.

Earlier Friday, Greek lawmakers passed the accord following an all-night debate on the conditions demanded by the country’s creditors, which include harsher austerity and sweeping change.

As reported by Reuters, if Euro zone parliaments approve the deal, 13 billion euros should be in Athens on Thursday to cover pressing bills. Also, a further 10 billion will be set aside at the European Stability Mechanism, earmarked to bolster Greek banks’ capital.

According to reports, it remains unclear whether the International Monetary Fund (IMF) will have a role in Greece’s bailout.

IMF Managing Director Christine Lagarde has informed that her board must first review the situation in the autumn.