- Greece’s parliament supported the government’s reform plan containing austerity measures to win a third bailout.
- In the 300-member parliament, the bailout reform plan was passed with 251 votes in favour, 32 against and 8 voting ‘present’ -? (a form of abstention -?).
- This motion is tried to authorise the government to use the proposal as a basis for negotiation with international creditors.
- The proposed measures are certain to inflict more pain on a Greek public who just days ago voted overwhelmingly against a similar plan.
- This will result in tax hikes, cuts in pension spending and unemployment.
- If the international creditors approves the new proposal, it will provide longer-term financial support for a nation that has endured six years of recession.
- Greece faces the immediate prospect of crashing out of Europe’s joint currency, the euro, if no deal is made.
- Greece in on the verge of becoming first nation to exit Eurozone.
- If the proposal is approved, Greece would get a three-year loan package worth nearly USD 60 billion (53.5 billion euros) as well as some form of debt relief.
- That is far more than the 7.2 billion euros left over from Greece’s previous bailout that had been at stake in the country’s five-month negotiations until last month.
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