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German Deputies Back Greek Bailout Talks

German lawmakers have overwhelmingly voted to give the government a mandate to resume negotiations with Greece on a third bailout deal.

Eurozone leaders have struck a preliminary deal for a three-year rescue package that is expected to be worth 86 billion euros ($94 billion).

Germany, Greece's biggest EU creditor, has been insisting on stringent spending cuts and tax hikes in return.

Late on July 16, officials said Greek banks will reopen on July 20 after being closed for three weeks, after the European Central Bank allowed the banks to draw more emergency funding.

Greece was also granted a three-month 7-billion-euro ($7.6 billion) bridging loan to keep its economy afloat until its new bailout is approved.

The moves came after Greek lawmakers approved tough economic reform measures demanded by European leaders in return for the bailout.

Based on reporting by AFP and the BBC