Greek lawmakers on Tuesday approved legislation granting the right to sell bad business loans from local banks to overseas funds as part of a new austerity bill demanded by bailout lenders from the rest of the eurozone.
The European Central Bank says Greece’s battered banks need 14.4 billion euros ($15.8 billion) in fresh money to get back on their feet and resume normal business.
The Greek stock market had its biggest plunge since 1987 Tuesday as concerns mounted that the country is heading for a political crisis that could jeopardize its financial rescue program.