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Greek lawmakers back bailout reform plan

  • 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.