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Friday 17 July 2015 11:33 am

Greek debt crisis: How are European parliaments voting?

By: James Nickerson

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Greece needs a third bailout deal, and this week it had a vote which may have thrown up more trouble than calm for Alexis Tsipras, as many of his party defected and voted against the measures.

Germany, France, Finland and Austria also had lengthy debates and votes this week, all voting heavily in favour of negotiating for a third bailout.

Read more: German MPs vote in favour of negotiating third bailout deal with Greece

However, in Germany and Greece, the headache is barely over as 50 of Merkel's CDU/CSU bloc and 38 of Tsipras' Syriza rebelled against their leaders.

Meanwhile, 25-person grand committee voted in Finland, made up to be representative of the 200-MP parliament.

What’s more, Spain, Estonia and Latvia are all scheduled to take votes in the coming weeks. In Latvia and Spain, it is more symbolic as a vote is not obligatory but the Prime Minister said they would do it.

This is Latvia's first Greek bailout deal as a member of the Eurozone, while Estonia is one of the most exposed nations to Greece's debt burden, with four per cent of its GDP at risk.

Other Eurozone countries do not have to vote.

Even once (if) all the Eurozone members that are voting vote in favour, there are still hurdles to overcome. The International Monetary Fund, for one, has made it clear on a couple of occasions now that it will only partake in new negotiations if they include debt restructuring – a view not shared by all Eurozone countries.

Read more: IMF's Christine Lagarde says Greek plan not viable without debt reduction

So while finance ministers across the EU ponder what the third bailout would look like, national parties may find themselves trying to patch up relations with their own MPs. 

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