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Belgium: FinMins need to be empowered says Schauble on third bailout program00:45

Belgium: FinMins need to be empowered says Schauble on third bailout program

Belgium, Brussels
August 14, 2015 at 16:35 GMT +00:00 · Published

The third bailout program for Greece lays down what the IMF, European Central Bank and European Commission had earlier agreed with Greece, German Finance Minister Wolfgang Schauble said as he gave a press conference following the Eurozone finance ministers' meeting on the new bailout deal in Brussels, Friday.

According to Schauble, it is now up to the national parliaments of the Eurozone to "empower the finance ministers (...) to seize the according decisions on Wednesday in the ESM."

The €85 billion ($95 billion) three-year bailout assures Greece's place in the eurozone and includes measures such as the formation of a new independent privatisation fund, the gradual increase of the pension age to 67 and a review of spending on the social welfare system. It comes ahead of the August 20 deadline for Greece's €3 billion ($3.3 billion) debt repayment to the European Central Bank.

Belgium: FinMins need to be empowered says Schauble on third bailout program00:45
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The third bailout program for Greece lays down what the IMF, European Central Bank and European Commission had earlier agreed with Greece, German Finance Minister Wolfgang Schauble said as he gave a press conference following the Eurozone finance ministers' meeting on the new bailout deal in Brussels, Friday.

According to Schauble, it is now up to the national parliaments of the Eurozone to "empower the finance ministers (...) to seize the according decisions on Wednesday in the ESM."

The €85 billion ($95 billion) three-year bailout assures Greece's place in the eurozone and includes measures such as the formation of a new independent privatisation fund, the gradual increase of the pension age to 67 and a review of spending on the social welfare system. It comes ahead of the August 20 deadline for Greece's €3 billion ($3.3 billion) debt repayment to the European Central Bank.

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