ATHENS // Greece’s parliament on Thursday passed legislation on a second batch of reforms needed to help unlock an international bailout for the country’s stricken economy.
The bill passed by a resounding 230 votes out of the 298 members of parliament present, after a marathon debate stretching into the early hours that nonetheless exposed deep divisions in the governing Syriza party.
The legislation covers changes to the civil justice system, a bank deposit protection scheme and measures to shore up the liquidity of Greece’s banks — reforms that had to pass if Athens was to move forward in bailout negotiations with its creditors.
While the new law will come as a relief to Prime Minister Alexis Tsipras — who is negotiating a new bailout worth up to €86 billion (Dh346bn) over three years — it saw him suffer a major rebellion among MPs in his left-wing Syriza party for the second time in a week.
Thursday’s vote was seen as a key test of Tsipras’ authority after he was forced to reshuffle his cabinet following a mutiny by nearly a fifth of his MPs in a separate vote on the first tranche of tough economic reforms demanded by Athens’ creditors.
While the prime minister trimmed the rebellion from 39 ‘no’ votes and abstentions last week to 36 on Thursday, in both cases he was forced to rely on opposition parties to get the legislation passed.
Olga Gerovassili, a spokeswoman, admitted the government was facing a “political problem” and said “planned procedures” would be implemented to address it.
“The divide in the parliamentary majority is clear,” she said after the vote.
While Mr Tsipras is riding high in the opinion polls personally, analysts believe the deep divisions within Syriza are likely to force the government to call early elections after being voted into power at the beginning of the year.
The tough reform package sparked five hours of fiery debate on Wednesday night, with weary members of parliament clashing on everything from Marxism to submarines as dawn neared, and the speaker of parliament comparing the bailout deal to “a coup”.
In a passionate speech to the chamber, Tsipras insisted the deal was the result of a “difficult compromise” with Greece’s paymasters — the European Union, European Central Bank and International Monetary Fund — necessary to prevent Greece from tumbling out of the eurozone.
The youthful premier, who blazed to power in January promising to end austerity, warned that Greece had to adapt to “the new realities” of the bailout agreement.
“The painful path does not stop here, unfortunately,” he said.
“We have been forced to make a difficult compromise under urgent conditions. We were at the limits of our economy and our banking system, and at the limits of Europe — where conservative forces, obsessed with austerity, dominate,” he added.
Some 6,000 anti-austerity demonstrators had protested near parliament ahead of Wednesday night’s debate, lobbing a handful of petrol bombs in the direction of the police, who had thrown up a ring of steel around the building after riots during last week’s vote on austerity measures.
Katerina and George Sergidou Kokkinavis, two Syriza members in their thirties taking part in the protest, said they had come because “the government is no longer listening to the people”.
* Agence France-Presse
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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COMPANY%20PROFILE
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
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Inside%20Out%202
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
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The%20specs
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