Business live: Greek parliament approves bailout reform package - as it happened

Graeme Wearden

from on 2015-07-23 02:28 (#F2C5)

MPs in Athens have voted to accept a second package of economic measures tonight, despite another Syriza rebellion

3.28am BST

Time to wrap up, with a quick recap, as dawn prepares to break over Athens.

Greek MPs have voted by a wide margin to approve the latest economic reforms demanded by its lenders.

Parliament approves latest measures ahead of 3rd bailout talks: 230 voted in favour, 63 against, 5 abstained & 2 absent #Greece

@IrateGreek No leftist accuses me of treachery & no rightist will ever welcome me. Plus I think I explained it fully http://t.co/24ykYbNB8L

3.16am BST

Former finance minister Yanis Varoufakis has written a blog post explaining that he voted Yes because he supports the economic reforms on the table tonight, and had even proposed them himself in the past.

II^1III I...IIIII(R)II^1IfI IIIII http://t.co/24ykYbNB8L

3.12am BST

There were some tired faces in the Athens parliament tonight:

2.40am BST

Alexis Tsipras should take comfort that the 36 Syriza rebels who voted 'no' tonight didn't thwart his bailout deal.

Here's Reuters early take:

Greek Prime Minister Alexis Tsipras faced down a revolt by rebels in his leftists Syriza party to win parliament's backing on Thursday for a second package of reforms required to start talks on a financial rescue deal.

The bill - containing judicial and banking reforms - easily passed with the support of 230 lawmakers in the 300-seat parliament thanks to the support of pro-euro opposition parties.

Final tally marginally better for #Tsipras than last week. His position secure. But how long will Zoe Konstantopoulou last?

2.32am BST

All the votes appear to be in, and the result is:

Only three less defections from Syriza. Tsipras must've been waiting for a better result. Syriza division looks inevitable now. #Greece

2.25am BST

It's official - the Greek government has more than 150 votes in favour of tonight's package of reforms (there are 300 seats in parliament).

Greek lawmakers approve new creditor-demanded reforms, clearing way for bailout talks - AP

2.23am BST

Yanis's former press officer tweets:

Yes, this is correct, @yanisvaroufakis voted "Yes" in a "prior action" vote in parliament at around 4am July 23

2.22am BST

Several government MPs who rebelled a week ago are now backing the package. That appears to include former finance minister Yanis Varoufakis (we'll have to check the roll count at the end)

Looking better for Tsipras. 4 SYRIZA MPs who abstained last week vote "Yes" this time, according to @aris_ravanos. Varoufakis from No to YEs

2.19am BST

And finally, the vote is under way.... with many MPs voting to accept the package of reforms:

#Greek government has enough votes to approve bailout prior actions bill!!!!!.............. as expected

1.37am BST

Now it's speaker Konstantopolou's turn, and she's repeating her critism of Greece's lenders for attempting a coup (she says) at last week's summit:

Speaker Konstantopoulou: "Ownership" is term used by IMF to avoid responsibility for countries it destroyed #Greece pic.twitter.com/gxbpcG9orh

1.23am BST

Defending his government, Pappas is challenging MPs to either support Greece's bailout deal or propose something better:

Put up or shut up is a summary of what @nikospappas16 is saying. @tsipras_eu's seat remains empty. Catching 40 winks if he's got any sense.

1.18am BST

Here comes minister Nikos Pappas...... and he's arguing that Greece needs to think about the kind of Europe it wants to be part of (not merely whether it's in, or out, of the single currency)

Minister of state Nikos Pappas says we need to wrap up and finish at a "human hour". And it's already 3.10am. #vouli pic.twitter.com/gIPRV7MU0E

1.14am BST

It can't be long until the vote (he types, hopefully), but first the house may hear from minister of state Nikos Pappas, and then House speaker Zoe Konstantopoulou.

Remember when they said the vote would be at 3am LOL #greece #vouli

1.08am BST

No-one does shouting and arguing quite like Greek politicians....

And.... yes we are now having a full blown debate about Marxist philosophy in Greek Parliament at 3 a.m. #Greece

Now we've deputy speaker Mitropoulos shouting at finance minister @tsakalotos. #Vouli

1.06am BST

Defence spending is not included in tonight's package of measures, but MPs are still discussing it (among other matters)

In last 30 mins, we've heard about proportional voting, CDS & submarines among other assorted items. Remind me what we're voting on #Greece

12.58am BST

Now it's the turn of Evangelos Venizelos, the former Pasok leader and deputy PM, to clash with ANEL leader Panos Kammenos.

Two big men in suits facing off at three in the morning.

12.55am BST

It's almost 3am in Athens, so with any luck the vote might take place shortly.

There's not been much serious debate about these reform measures in the last few minutes - but the leaders of Pasok and ANEL (the Independent Greeks, who are Tsipras's coalition partners) have clashed:

#PASOK Gennimata slams #ANEL Kammenos about his 'populist conspiratorialism and poisonous lies.' #vouli

12.26am BST

Tonight's result isn't in doubt, as the mainstream opposition parties have confirmed they'll support the government.

Everyone is waiting to see how many of Alexis Tsipras's MPs rebel against the austerity package, though. Last week, 32 Syriza MPs voted no and 6 abstained. That was very nearly enough to rob the PM of his majority - so he'll be hoping the rebel camp doesn't swell.

12.14am BST

Now parliament is hearing from Fofi Gennimata, head of the left-wing Pasok party (and owner of a rather eye-catching jacket):

Pasok leader Gennimata: You attacked us for 5 years, and lost so much in 5 months #Greece pic.twitter.com/nYnz81o7Dw

12.03am BST

A couple more photos from tonight's debate:

11.56pm BST

No vote yet, folks. Instead, the head of the centrist To Potami party, Stavros Theodorakis, is speaking.

Theodorakis chides Tsipras for saying he doesn't believe in programme, argues it's insult to Greeks who'll feel impact of measures #Greeece

Theodorakis, like ND, demands that Konstantopoulou steps down. Find 50 MPs and impeach her. You have them. #vouli pic.twitter.com/gTy47pQBnV

11.45pm BST

Neither of Greece's two largest parties have any affection for this bailout deal, but they're both going to give it a go.

The Economist Intelligence Unit's Alex White sums it up:

Tsipras: We still don't want to do any of this. We still think it's a bad idea. We haven't got much choice. Hopefully something will turn up

ND: We don't want to do any of this stuff either. We think it's a bad idea as well. We don't support it, or Govt, but we will vote for it

11.33pm BST

New Democracy's interim leader, Evangelos Meimarakis, is responding to Tsipras now - and landing a few punches:

Opposition leader Meimarakis: Syriza's learning on the job was very expensive for Greeks #Greece pic.twitter.com/OEVOZCQ2GN

Meimarakis telling #Tsipras he shouldn't boast that he got a bigger bailout as that also means bigger conditionality #Greece

Meimarakis: we don't support the austerity measures, we don't support the government, but we're voting yes. #short_circuit #vouli

11.31pm BST

11.27pm BST

Alexis Tsipras did, after all, decide to address the House tonight, and once again has conceded that mistakes were made in the way Greece conducted negotiations with international creditors (is he thinking of his former finance minister?)
But, he says, playing on Greek pride "a battle not waged, is a battle not won ... one day the battle will bear fruit." Europe, he adds, won't be the same after July 12 (the day of Greek capitulation).
The leftist leader repeats that his government will be forced to enact a programme it doesn't believe in - that surely is not music to creditors ears?
"In reality we made difficult choices and now we must all adapt to the new situation," he says, repeating that the choices were between Grexit, a disorderly defaut and enforcing a difficult programme.

"Without that guarantee we don't exist."

#Tsipras tired & fed up? You bet. That, ladies & gents, is the face of a nation #Greece pic.twitter.com/r10WOF0SjC

11.23pm BST

Alexis Tsipras has also ruled out resigning, or abandoning the 'battle fort'.

11.15pm BST

A tired-looking Tsipras is running through some familiar themes, including the fact that debt restructuring is now on the agenda:

Tsipras: Lenders no longer talking about if debt relief will happen, but how much #Greece pic.twitter.com/uv0dCcF2K5

11.11pm BST

Greece's prime minister is on his feet now.

Alexis Tsipras defends the dramatic decisions he's taken in recent weeks, saying his government has helped to change Europe.

Tsipras: I don't regret calling the referendum #Greece pic.twitter.com/kXNyUhC2Gj

Tsipras, demonstrating a rather elastic view of history, claims the only lost battles are those that are not fought

#tsipras tonight defensive: "Europe's conservative forces achieved a pyrrhic victory over Greece." After July 12 Europe a different place

10.22pm BST

Tasteful as ever, the head of the far-right Golden Dawn party has apparently decided the president of the European Council is a Washington stooge:

Golden Dawn's Michaloliakos conspiracy theory over Donald Tusk: "He is USA's man in Europe. He cdn't hv convinced Merkel if he wasn't". LOL

9.58pm BST

In other Eurozone news, Portugal will hold a general election on 4 October.

With Spain also heading to the polls before Christmas, and the possibility of snap Greek elections too, it could be the most lively autumn since 2011 #great.

9.50pm BST

One senior opposition MP has reminded the government that they need cross-party support, given the split in Syriza:

ND's @NikosDendias says government has to stop attacking opposition, on which it now relies for support. #vouli pic.twitter.com/5iTtubDg3k

9.46pm BST

One significant point from the debate - finance minister Euclid Tsakalotos pledged that Greece's banks will get the fresh capital they need by the end of this year:

#Greece FinMin @tsakalotos reiterates banks will be recapitalised well ahead of Jan 1, 2016, when bail-in is introduced. #economy #ecb #esm

9.38pm BST

Those of us without fluent Greek aren't missing much, it seems:

Is anyone intending to speak about the bill tonight? I might as well go to bed if they're going to expound on party politics. #vouli

8.51pm BST

Readers who want to follow the entire debate tonight should tune into this web feed (and take a crash course in Greek).

I'll try to update the blog with the main developments through the night -- but really, the important news will be the result, in over four hours...

8.48pm BST

Senior Greek government officials are putting on a brave face - saying they are "not anxious" about tonight's vote.

"Greece does not have a future as a blackmailed euro zone colony under memorandum, but as a proud, independent, progressive country, which without [foreign] stewardship, [and] despite the difficulties fights poverty, austerity and unemployment,".

8.43pm BST

Traffic is now flowing smoothly past the parliament building, showing that the anti-austerity demo is over.

8.41pm BST

The debate has begun with Syriza's parliamentary spokesman Nikos Filis addressing the chamber.

Zoe Konstantopoulou is presiding over the house as parliament speaker - and seems to be taking on Filis.

8.33pm BST

#Greek parliament speaker Zoe Konstantopoulou launches debate declaring a summary read of reforms 2 b voted on 2night wd require 32 hours!

At 900 pages, that's one every two minutes!

8.31pm BST

The Athens News Agency has confirmed that tonight's vote won't come until 3am Greek time (1am BST).

MPs haven't made much progress yet. I believe they've spent most of the last 30 minutes debating whether to impeach speaker Zoe Konstantopoulou (who has been criticised over her opposition to the bailout).

This #vouli session is supposed to be about a 900+ page bill. Instead, talking about impeaching speaker of parlt whom no one will impeach.

8.27pm BST

Petrol bomb hurled near cops 20 mins ago. Nothing major though, this has not turned into a riot pic.twitter.com/viq3Z19SIf @MakisSinodinos

8.22pm BST

The BBC's Piers Scholfield reports that the streets are calm again:

Most protesters left Syntagma as soon as anarchists put their balaclavas on. Couple of bangs, but all calm now. #greece.

8.20pm BST

Here's a video clip of the moment the petrol bomb disrupted the peace, as the anti-austerity protest ended.

Une di(C)tonation #Syntagma pic.twitter.com/UzeWSKKP4v

8.18pm BST

More photos of that petrol bomb, or bombs, that was just thrown:

#Syntagma Square a few minutes ago. #Athens #memorandum3 #antireport pic.twitter.com/kd7YGhQTug

EI^1IIII III II IIIIII^3I1/4I II...II(R) III III http://t.co/8ceVcRdDz2 #Syntagma #naftemporiki pic.twitter.com/GZq1ZNLFvg

8.16pm BST

Scrap that. Our Athens correspondent, Helena Smith, reports that a small violent protest did just break out on the edge of Syntagma Square:

#Greece peaceful protests in #Syntagma square end with sudden outburst of violence as young protestors hurl rocks /petrol bombs at police

#Syntagma now pic via @MakisSinodinos #antireport pic.twitter.com/VcctdzM1mE

8.11pm BST

Syntagma Square is ringing to the sound of chants, as a group of demonstrators begin to march away from the Athens parliament.

7.57pm BST

Happy to report that there is still no sign of violence in Athens tonight....

Riot Police looking very bored, near rally at Syntagma #Greece pic.twitter.com/7gmKzPoVa0

7.56pm BST

Tonight's debate on the latest austerity measures demanded by Greece's creditors is beginning shortly.

7.42pm BST

The always excellent Macropolis site has a great explanation of the new rules on home repossessions which MPs will vote on tonight:

One of the provisions relates to home foreclosures, where the first asking price will be equal to the market price of the property and not to the "objective" price set by tax authorities and which is currently applied. Objective prices have not been adjusted since 2007 so they currently stand well above market prices.

This means that the starting price of foreclosures' auctions will be much lower than before (around 30 percent on average) and could have a greater chance of success, meaning banks, which currently hold a large number of housing non-performing loans (NPLs), can recoup money. Property auctions related to foreclosures are very limited at the moment and mainly involve large buildings rather than homes.

What the latest set of #Greece prior actions mean for foreclosures and banks. http://t.co/UUvcl9UXot #economy #ecb #banking #banks

7.29pm BST

#Livestream from #Syntagma square, protest against #Tsipras austerity program https://t.co/i7sdAjUZ9e #greece

7.28pm BST

Russia Today are broadcasting a live feed from Syntagma - just click here.

7.20pm BST

There's no sign of trouble in Athens tonight, but riot police are on the streets and ready for action:

Policiers en bas de la place #Syntagma pic.twitter.com/QLX1yred8q

7.10pm BST

A few thousand people are now in Syntagma, journalist Elisa Perrigueur reports, making it a rather smaller demo than last week.

Quelques milliers de personnes, moins que la semaine derniire #Syntagma #Athenes pic.twitter.com/5mgRjaVN08

7.08pm BST

These video clips show how PAME's protest march began under the eyes of riot police and tourists:

#Pame #touristes #Police. Manifestation i Syntagma #Grice pic.twitter.com/9VkzlL4npC

7.00pm BST

There are two separate demonstrations in Athens tonight. The first was organised by the communist PAME union (workers marching in regimentally straight lines).

The second was co-ordinated by Greece's civil servants union, ADEDY:

Leftists & ADEDY union reached Syntagma sq following communist PAME union pic.twitter.com/h8Xfx4otXg @dionisisath #agreekment #rbnews

6.57pm BST

The debate in the Greek parliament hasn't started yet. It should begin in around 30 minutes, but a vote is many hours away...

Plenary debate on 'Prior actions II" bill to start 1830 GMT. Vote expected after 2300 GMT. #Greece #GreeceCrisis

6.42pm BST

Another banner: this time protesting against new laws to make it easier to repossess homes:

Banner against home foreclosures in Syntagma sq amid anti-austerity rally pic.twitter.com/F8vKTlYn3a @dionisisath #Agreekment #greece #rbnews

6.30pm BST

The spirit of OXI lives in Athens tonight, with demonstrators lifting a "No to the euro" banner close to the parliament building.

6.12pm BST

A few hundred people have gathered in Syntagma Square so far, journalist Elisa Perrigueur reports:

Petite pri(C)sence devant le parlement, quelques centaines de personnes tout au plus #Grice #Syntagma pic.twitter.com/dmqfiJZ6K1

6.10pm BST

The petrol bombs and tear gas that marred last week's protests are still fresh in the memory, as tonight's demonstration gets underway.

And there are already signs that riot police are in place.

Gathering for trade union rally v memorandum in #Syntagma. Lots of riot police on the ready. #Greece pic.twitter.com/aTUzmnLwdS

6.03pm BST

The anti-austerity protest is making its way to Syntagma Square, the site of the Greek parliament:

GREECE LIVE: labour unions rally on #Syntagma http://t.co/TwYq9b3ROz pic.twitter.com/3RTTyQ7YOf

Foreign language schools protesting at #Syntagma against 23% tax pic.twitter.com/FSII4366y8 v @dionisisath #Greece #Grecia #antireport #Grice

5.56pm BST

Tonight's anti-austerity rally looks quite well attended:

5.51pm BST

Members of the Communist-affiliated PAME labor union are gathering in Athens now, for their anti-austerity rally in the Greek capital:

5.24pm BST

PM Tsipras to meet Greek parliamentary speaker Konstantopoulou at noon tomorrow after the latter's request. High noon, etc #Greece

5.20pm BST

Time for a recap:

The Greek parliament is due to vote tonight on the second set of economic reforms agreed with its lenders, so that formal negotiations over a third bailout can begin.

"It's extremely important to wrap up this prior actions procedure so that we can start negotiations on Friday."

5.00pm BST

Fears over the Chinese economy sparked today's selloff in the London stock market, explains Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers:

"Basic resources stocks are being hammered by weak metals prices as there are question marks over metals demand from top consumer China.

Discouraging company updates have also soured sentiment."

4.51pm BST

Parliamentary speaker Zoe Konstantopoulou has confirmed she won't support the government in tonight's vote:

"Neither as a lawyer, Syriza MP nor speaker of #Greek parliament can I vote these prior actions," says Zoe Konstantopoulou

4.47pm BST

Tumbling mining shares, and the fallout from Apple's results last night, has wiped 1.5% off the FTSE 100 tonight.

The index of blue-chip shares shed 101 points to close at 6667.

The stock market's reliance on iPhones was laid bare today. A poorly received quarterly earnings update from Apple reverberated across the Atlantic into falling prices across Europe's tech sector and weighed on a broader belief in rising corporate profitability.

The FTSE 100 was hit particularly hard as ARM Holdings, a large supplier of chips to Apple, sank 6%. Another drop in commodity prices sent mining stocks reeling with Anglo American down by over 5%.

4.31pm BST

The sales tax hikes approved by parliament a week ago have not been well-received by Greece's corporate base:

Constantine Michalos, Prez of Athens Chamber of Commerce and Industry tells me VAT is infuriating Greek businesses @cnbc

4.08pm BST

More dissent in the ranks....

Parliament speaker Konstantopoulou writes to #Greece PM & prez to complain about 2nd emergency bill in week. Says its abuse of constitution

4.06pm BST

It was also evident today that the radical left Syriza party is now in a state of shock, reports Helena.

After prime minister Alexis Tsipras' tough stance - and savage critique of dissidents he says are not only hiding behind his signature but have failed to offer alternatives - rebels are clearly plotting their next move.

3.29pm BST

Over in Athens our correspondent Helena Smith has just returned from a day spent at the Greek parliament where she reports the benches are now nearly empty.

The good news is that parliamentary committees are still in session with many saying tonight's ballot is likely to be the last before the third bailout package (or memorandum of understanding) is put to vote around the 17th of August. The bad news is that nobody knows when tonight's debate will even begin. As a result MPs who had spent much of the day in parliament's red-carpeted inner chamber and clubby meeting rooms have now recessed.

"If he manages to get one vote more than the previous vote this will give him some advantage."

3.20pm BST

Of course we're not planning elections in September, says a Greek government official:

GREEK GOVT OFFICIAL DENIES REPORTS ON SEPTEMBER SNAP ELECTIONS - *cough* MNI *cough* - suspect there might still be some truth behind it.

3.08pm BST

The MNI newswire is reporting that Alexis Tsipras is pondering elections in mid-September.

That would allow him to break away from the more radical left-wing elements in Syriza and reshape the party, according to a source.

Tsipras mulls snap elections on 13 or 20 September to make a "clean start", according to MNI.

2.55pm BST

Today's increase means the ECB has now pumped almost a91bn of emergency liquidity into the Greek banking sector:

#ECB said to raise Greek #ELA ceiling by another a900mln, BBG and RTRS report. pic.twitter.com/VxG4iMki1D

2.50pm BST

Newsflash: The European Central Bank has decided to provide Greece with another a900m of emergency liquidity, Bloomberg reports.

Greek Banks given another inch by the ECB

#Ecb raises cash to Greek banks another 900E Million ! Go Mario

2.44pm BST

City firm Jeffries has produced an interesting research note today, showing how the fiscal transfers between eurozone countries are far smaller than between US states.

While Germany is the biggest net contributor to the EU budget, its share is only a mere 0.5% of GDP:

While there are institutions and conventions that bind euro countries together, the fiscal ties remain weak.

The hard cash that gets distributed across the European Union through the EU budget is the closest we get to outright fiscal transfer in the region. But while the amounts that make the way around Europe are not insignificant, they are certainly nowhere near the level of transfers that take place in the US for example.

2.30pm BST

1.29pm BST

I hope there are some speed readers in the Athens parliament -- tonight's package of measures runs to over 900 pages:

III IfII II III! II I1/4III1/4III^1I IIII, II^1I 970 IfIIIIII III... III^3II1/4I... pic.twitter.com/hVbwk0bcxS

Greek MPs unlikely to start debating tonight's bill in plenary until around 8pm, Skai TV reports. Naturally, late vote expected #Greece

1.18pm BST

Back in the financial markets, commodity prices are being hammered again - and taking mining stock down with them.

Gold is down another 1% today, platinum has lost 2%, and zinc has fallen by 3%:

Zinc is getting clobbered. http://t.co/wSwRp700cq pic.twitter.com/AjzXtx1FAv

Growing consensus that more pain to come for #gold.... Goldman Sachs forecast $1000 with ABN & SocGen foreseeing $1000 by December

1.01pm BST

Ahead of tonight's vote, bookmaker Paddy Power has all-but ruled out Greece leaving the single currency this year:

Will Greece exit the Eurozone in 2015?

12.42pm BST

If Greece's bailout isn't agreed within a month, it will struggle to repay a3.2bn to the European Central Bank (due on 20 August).

One option, Jennifer reports, is to dip into Europe's bailout fund again:

There is a6bn left in EFSM EU bailout fund. #Greece needs a5bn in August to pay debts. Could be last resort if talks drag on.

12.15pm BST

Moscovici isn't expecting any hiccups in the Athens parliament tonight:

Moscovici: I'm confident the second package of legislation will be adopted by Greek parliament tonight. #Greece

12.12pm BST

Pierre Moscovici adds that the new Greek bailout deal (the memorandum of understanding) should be completed in about a month.

Negotiations of the MOU have just started and will lead us to second fortnight of august, says @pierremoscovici #Greece

12.11pm BST

Swiftness has been in short supply in the eurozone crisis this year, often losing out to torpor and deadlock.

But European commissioner Pierre Moscovici is telling reporters in Brussels that rapid progress is now being made towards a third Greek bailout, with all sides delivering on their commitments.

We are making swift progress towards implementation of the eurozone summit agreement, says @pierremoscovici on #Greece

11.47am BST

Syriza MP Rachel Makri has pledged to oppose tonight's measures:

Syriza's Rachel Makri vows to vote against govt: "I won't betray our voters" #Greece pic.twitter.com/rUMZc0KOWa

11.32am BST

Three former government ministers are glowering on the Athens parliamentary seats today:

11.20am BST

Heads-up.... the European Central Bank is expected to discuss the Greek banking system shortly.

Last Thursday, the ECB provided a900m in new emergency liquidity assistance (ELA) to Greece -- enough to last a week, according to Mario Draghi. So it could be time for another dose....

BBG Reporting That The ECB Could Hold Call On Greek ELA At 12:00 BST

11.13am BST

AFP's Katy Lee has a good take on why tonight's vote is a key test for Alexis Tsipras, after his cabinet reshuffle highlighted the divisions in his Syriza party:

Vassiliki Georgiadis, a political science professor at Athens' Panteion University, said the split was between hard-left MPs -- "some of whom have spoken of a Greek exit from the eurozone as the only solution" -- and those more sympathetic to Tsipras's arguments.

She added it would be "difficult" for the 40-year-old premier to continue in office if he was forced to rely on opposition MPs to get laws passed.

Greece to vote on second bailout bill in test for Tsipras http://t.co/okbyoqvSpX pic.twitter.com/KLNnOx8eal

11.02am BST

The Institute of Directors isn't impressed that the Greek crisis encouraged the Bank of England's interest rate setters to sit on their hands again this month.

IoD chief economist James Sproule says borrowing costs should be raised to more normal levels, starting now.

"The longer interest rates languish at a historic low, the harder it will be for Mark Carney to raise them 'slowly and gradually'. The earlier the process of normalising rates starts, the smoother the course will be, and the longer the economy will have to adjust and prepare.

If rates do not begin to return to a more sustainable level soon, the Bank of England will be defenceless when the next crisis strikes, and unable to support the economy by shifts in monetary policy."

10.47am BST

Meanwhile in London the head of the City watchdog, Martin Wheatley, has told reporters that he's "disappointed" by chancellor George Osborne's decision to force him out last week.

FCA boss Wheatley tells public meeting: Disappointed to be leaving, do so with a sense of unfinished business

FCA's Wheatley: "We're not in regulation to regulate for the sake of it."

Anger at FCA public meeting over its handling of interest rate swaps misselling - 30,000 products were sold to small businesses

FCA's Wheatley insists 2bn in compensation paid out and interest rate swap missellling redress process has been effective

FCA's Wheatley forced to admit no one has been fined and no individuals been banned when pressed on the interest rate misselling scandal

10.22am BST

Over in Athens prime minister Alexis Tsipras has kicked of the day by meeting senior banking officials.

10.04am BST

Greece's finance minister is looking a little less rumpled today:

parliament now: tsakalotos got a haircut and is wearing an ironed shirt. hmmm...

9.55am BST

Just in: photos of finance minister Euclid Tsakalotos urging MPs to support today's reform bill:

9.41am BST

The Greek crisis helped to persuade the Bank of England to leave interest rates unchanged at just 0.5% this month.

For these members, the uncertainty caused by recent developments in Greece was a very material factor in their decisions: absent that uncertainty, the decision between holding Bank Rate at its current level versus a small increase was becoming more finely balanced.

We get the picture. very good chance that we could see 6-3 (yes 6, 3) at the August meeting ahead of the BoE inflation report #forex

On the basis of those minutes, I am going for 3 MPC members to vote for a 25bps hike in August (Weale, McCafferty and Forbes)

9.32am BST

Minutes of the MPC Meeting ending 8 July reveal unanimous vote on #BankRate and Asset Purchases

9.31am BST

Here come the minutes of the Bank of England's latest monetary policy committee meeting, two weeks ago.....

And they show that the MPC voted 9-0 to leave interest rates unchanged at 0.5%. It was a "clear cut" decision, apparently.

9.18am BST

Here's how the next few weeks could play out:

CHART: #Greece's new bailout finalized by mid-August IF all goes well. Process could still derail or suffer delays. pic.twitter.com/4FRxHdNfSM

9.18am BST

Two underground stations in the centre of Athens will close early tonight, before tonight's anti-austerity rally gets underway.

That includes one near the parliament building, where riot police fired teargas a week ago after molotov cocktails were thrown.

Syntagma and Panepistimio metro stations in Athens to close at 6 pm on police orders. Anti-bailout rally scheduled for 7.30 pm #Greece

8.53am BST

Today's debate in Athens began with finance minister Euclid Tsakalotos urging MPs to support the government.

"It's extremely important to wrap up this prior actions procedure so that we can start negotiations on Friday."

IIIIIIIfI I IfI...II(R)IIIfII"II I...IIIIII^1 I III3/4I II^3IIIII IfII IIIIIII^1IIII1/4III IIfII...III^1II II IIIIIII^1II^3III1/4I1/4III. #vouli #tsakalotos pic.twitter.com/ACLaKWNvG4

8.42am BST

Tonight's vote will show how much authority Alexis Tsipras still holds in the Athens parliament, says Connor Campbell of SpreadEx.

Each week appears to bring with it another post-threatening obstacle for the Greek PM, and with talks circulating that Tsipras might call a snap-election in the next few months, this vote is another chance for the global public to see how stable his position actually is.

Opposition urges Tsipras to drop talk of snap polls http://t.co/NtMjYRlAyj #Greece

8.34am BST

France's economy has shrugged off the impact of the Greek crisis.

Confidence across the private sector has just hit its highest point since the eurozone crisis exploded in 2011, according to new data from the INSEE stats body:

French Insee business confidence highest in 4 years. Greece? Meh. Truth is *most* businesses and households don't give a damn.

8.26am BST

No reforms, no money.

That's the message to Athens from a senior German MP this morning.

"We are keeping a close eye on whether Athens not only adopts the reforms, but also implements them....Greece must fulfil the conditions, otherwise the money cannot flow."

8.24am BST

European stock markets are falling in early trading, but we can't blame Greece this time.

Traders are reacting to a triple-dose of financial results from major US tech firms last night.

Apple Q3 revenues, gross margin and profits beat estimates, but 47.5m iPhones sold missed 49m consensus and the outlook was nothing to text home about.

While Microsoft results also beat at the top and bottom line, a Nokia restructuring charge and low core product demand weighed.

8.08am BST

Bank of England minutes in an hour and a half Starting to look like there were some votes for rate hikes #GBP

8.05am BST

And they're off.....

Debate begins for second round of measures demanded for new bailout #Greece pic.twitter.com/dd0IeuZU7z

8.03am BST

The Greek civil servants' union, ADEDY, have organised anti-austerity protests for tonight:

Enikos has the details:

The rally will take place in front of the Athens University administration building at 7:30 p.m. (5.30pm BST).

ADEDY demands that the new, "barbaric" bailout not pass, an end to all austerity measures "and the fulfilment of popular needs" as well as the cancellation of Greece's debt.

Greek civil servants protest bailout - http://t.co/1n2WwATnVX

7.59am BST

The reform package on the table today doesn't contain as much austerity as the programme of tax hikes and spending cuts that was approved a week ago.

The first is the adoption of a new code of civil procedure, with the aim of speeding up court processes and reducing costs. Greece's current code of civil procedure has been little amended since it was introduced in 1967 and the country's international creditors have been pressing for change.

Some civil and commercial disputes can take two or three years to come to court and litigants have few options for out-of-court settlements. The new code, which reduces the number of special procedures and replaces paperwork with electronic alternatives, was originally meant to be adopted in May 2014.

7.52am BST

Tonight's vote is a key test for Alexis Tsipras, following his split with left-wing rebels in his Syriza party last week.

The 32 MPs who defied Tsipras in the original bailout vote last week are likely to do the same. But government insiders hope that some of the six MPs who abstained last time might return to the fold.

7.46am BST

Good morning, and welcome to our rolling coverage of the Greek debt crisis, and other events across the financial markets, the global economy and business.

Greece's parliament must vote today on a second dose of economic reforms, in return for talks on its third bailout.

#Greece | Parliamentary debate on 'prior actions II' bill to start soon at Committees level. Plenary debate in the evening. #GreeceCrisis

Half an hour to go and FTSE100 looks set to start around 45 points lower, at 6724

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