NEWS

Austrian parliament backs Greek bailout

austrian-parliament-backs-greek-bailout

Austria's parliament voted on Tuesday in favor of an 86 billion euro ($94.9 billion) bailout for Greece to prevent the debt-ridden country from tumbling out of the euro zone.

Parliament's permanent ESM subcommittee approved the measure, a finance ministry spokeswoman said in a text message.

Assuming approval by euro zone parliaments, 13 billion euros should be in Athens on Thursday to pay pressing bills and a further 10 billion will be set aside at the European Stability Mechanism, earmarked to bolster Greek banks' capital.

Germany's parliament is expected to give crucial approval to the bailout on Wednesday.

[Reuters]