Greek MPs back €85bn bailout deal

Greece’s parliament has backed draft terms that would see the country secure a further €85bn (£61bn) bailout following prolonged and angry talks through the night.

The BBC reports the formal debate on the bailout terms was preceded by hours of angry exchanges in parliament. Voting started this morning, more than six hours after the debate began.

In order to receive up to €85bn over three years, more products and services in Greece will be subject to the top VAT rate of 23 per cent, with corporation tax increased to 28 per cent.

The retirement age will rise to 67 by 2022, and Greece will have to take tougher action on loans in arrears.

Eurozone finance ministers will discuss the terms of the bailout later today.

Greece has to repay €3.2bn to the European Central Bank on 20 August.