Greek parliament backs third bailout deal

Athens: The Greek parliament on Friday backed draft terms for a third bailout in five years after talks that lasted through the night, the media reported.

The proposed deal involves tax rises and spending cuts in return for a bailout of about 85 billion euros ($95 billion), according to reports.

The terms of the bailout will be discussed by eurozone finance ministers later in the day.

There were 222 votes for the deal, 64 against and 11 abstentions. But there were 31 "No" votes from ruling Syriza party members, and 11 abstentions -- the biggest rebellion within Prime Minister Alexis Tsipras' government so far.

According to sources, Tsipras is scheduled to seek a confidence vote in parliament next week.

Greece faces an urgent deadline on August 20, when it must repay about 3.2 billion (about $3.5 billion) to the European Central Bank (ECB).

If it had failed to agree on new terms for a bailout, the ECB was likely to stop providing emergency funds to Greek banks.