Third Greek bailout deal submitted in parliament

Greece's third bailout agreement since 2010 was submitted in parliament on Wednesday for ratification in a new race against time to unlock the first tranche of international aid to meet a repayment deadline of August 20.

The draft law tabled in parliament contains the framework of the 85 billon euro deal reached with creditors' envoys on Tuesday, as well as a series of prior actions the country must adopt in the coming weeks to gradually unlock the next bailout tranches, Xinhua reported.

The new round of painful tax hikes, spending cuts and reforms has evoked mixed reactions from MPs, trade unions, representatives of the business world and media.

The vote at the plenary was scheduled to take place on Thursday night, a few hours before a Euro Group meeting on the deal Friday.

The aim is to secure the green light from the national assemblies of other European countries as well on time so that Athens receives the first disbursement to make a 3-billion euro debt repayment to the European Central Bank on August 20.

Analysts in Athens noted that regardless of the outcome in the Greek parliament this week (it is expected that the deal will be ratified by a wide majority with the support of some opposition parties), the Leftist government will most likely face more hard times ahead.