Five Eurozone country parliaments will be voting on the approval of the new Greek rescue plan Tuesday and Wednesday. The parliaments of Spain and Estonia, along with the Austrian parliamentary committee will be convening today to decide on the bailout plan. The German and Dutch parliaments will vote Wednesday, with the Dutch assembly meeting in an extraordinary session. If German Chancellor Angela Merkel manages to convince her party’s dissenting voices, the Greek program is expected to be approved Wednesday.
Following the green light by the five EU parliaments, the ESM will meet via teleconference in order to release the first disbursement to Greece, so that the cash-strapped country can pay off a 3.2bln Euro bond to the European Central Bank on August 20 and avoid defaulting. The 3rd Greek rescue plan has already been voted by the Latvian and Finnish parliaments Monday, while Lithuania ratified the deal Monday. France was one of the first parliaments to ratify the agreement in July, while Belgium, Cyprus, Ireland, Italy, Malta, Portugal, Slovakia and Slovenia are not required to vote on the agreement.