Greece bailout deal

The German parliament is voting on Friday whether to allow negotiations on Greece's €86bn (£60bn) bailout deal. Germany and Austria are among several eurozone states requiring parliamentary approval to go ahead with bailout talks. France and Finland have already backed the negotiations with Greece. On Thursday, the European Central Bank (ECB) raised the level of emergency funding available.

Eurozone ministers have also agreed a €7bn bridging loan from an EU-wide fund to keep finances afloat. This has paved the way for Greek banks, which shut nearly three weeks ago, to reopen on Monday. Greece has debts of €320bn and is seeking its third international bailout. Last month it became the first developed country to fail to make a repayment on a loan from the IMF.

The bank closures have been one of the most visible signs of the crisis. The announcements from the ECB and the Eurogroup came after Greek MPs passed tough reforms on taxes, pensions and labour rules as part of the new bailout deal. A rise in value added tax (VAT) from 13% to 23% will kick in on Monday, affecting food and drink in restaurants, taxi fares, selected supermarket items, public transport and plane and ferry tickets.

Europe has offered Greece a new $96 billion bailout after its government agreed to enact deep economic reforms under close supervision by its creditors. The rescue -- Greece's third since 2010 - should secure its place in the euro, for now. The country's potential exit from the currency union would have shaken Europe to its core.

Greece agreed to significant economic reforms: Pension cuts and higher taxes, as well as the sale of some government assets. The key to the deal: Proof that Greece will follow through. Greece's Parliament must approve these measures. In addition, Europe will assign monitors to ensure that Greece will also have to give up control of the proceeds from government sales, with the bulk being earmarked for debt payments.