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Portuguese gov't says conditions are set for Greek third bailout

Xinhua, July 17, 2015 Adjust font size:

The Portuguese government said conditions have been set for a third bailout program for Greece and hoped the country's financial system will soon be back on track.

"It will be a decision that will be taken from next week by the European Central Bank (ECB) but I hope (Greece) can quickly move toward the reopening of the financial system and restore the normal functioning to the economy," Minister of the Presidency and Parliamentary Affairs Luis Marques Guedes said on Thursday at a press conference following a cabinet meeting in Lisbon.

Marques Guedes also pointed out that the Greek parliament had agreed to the conditions for a third bailout, after the Eurogroup in principle approved a 7 billion euro bridging loan for Greece over a teleconference on Thursday morning.

Marques Guedes said that bridging loan would enable payments to be made by Greece to the IMF and ECB from Monday.

"From there, all the conditions will be created this weekend to enable a negotiation of the program by the Greek authorities with the institutions, and so that they (Greece) can return to normality," Marques Guedes said.

Several other countries must approve the agreement, including Germany this Friday.

Greece has been asked to approve further harsh austerity measures including budget cuts in exchange for a third 86 billion euro loan. Endit