Bailout talks back in Athens as tough conditions approved

Bailout negotiators are due to return to Athens to start talks on a massive new rescue package after Greece’s parliament approved tough new conditions set by lenders. Officials in Athens and at the European Union said negotiators are expected to start arriving Friday, marking the first time high-level talks will be held in the Greek capital since Prime Minister Alexis Tsipras’ left-wing government assumed power in late January. The news came hours after parliament approved a second round of reforms that Greece’s European creditors had demanded before the negotiations could start. Tsipras narrowly survived an anti-austerity revolt within his own party.

We have chosen a compromise that forces us to implement a program in which we do not believe, and we will implement it because the alternatives are tough.

Prime Minister Alexis Tsipras

It was the final hurdle the country had to clear before talks can start over a third bailout worth around 85 billion euros ($93 billion). Without the money, Greece would be unable to pay the debts due over the coming three years and would likely be forced to leave the euro, Europe’s shared currency. The past week, parliament approved two rounds of conditions — the first introducing sweeping sales tax increases and the second concerning trial and banking reform. Both sides hope discussions will conclude by Aug. 20, when Greece has a payment of a little more than 3 billion euros ($3.2 billion) due to the European Central Bank.

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