Greek Lawmakers Prepare Bailout Bill for Thursday Vote
Greek lawmakers are finishing a draft bill for the country's third government bailout package in five years, aiming for a vote before a meeting of eurozone ministers on Friday.
On Tuesday, Greece and its international creditors agreed “in principle” on broad terms of a new bailout.
European Commission spokeswoman Annika Breidthardt, a key mediator of the talks, confirmed progress on a $94 billion package.
Greek Prime Minister Alexis Tsipras has asked parliament to convene an emergency session to vote on the new bailout deal late Thursday.
Greece needs the money by August 20, when it must repay about $3.5 billion in debt to the European Central Bank.
China Further Devalues Yuan Currency
China has allowed the value of its currency to drop for a second consecutive day, repeating a surprise move Tuesday that rattled global markets and could raise tensions with its trade competitors.
The Chinese yuan's value fell 1.6 percent Wednesday after falling nearly 2 percent a day earlier, which was its biggest single-day drop in a decade.
China's central bank, which strictly controls the currency, described the move as temporary and meant to make the value of the yuan more market-oriented.
"Looking at the international and domestic economic situation, currently there is no basis for a sustained depreciation trend for the yuan," the bank said Wednesday.
The decision could spur growth and boost China's exporters. A cheaper yuan makes the nation’s exports less expensive and more competitive.
There are fears the decision could prompt other nations to devalue their currencies. Those concerns were heightened Wednesday when Vietnam allowed its currency, the dong, to weaken.