Greek parliament approves tough creditor reforms bill

Europe moved to re-open funding to Greece’s stricken economy on Thursday after the parliament in Athens approved a new bailout program in a fractious vote that left the government without a majority.

Riot police at the scene of the protests in Greece (Picture: AP) The protest was timed to coincide with the start of debate on the Bill, which includes consumer tax increases and pension reforms that will condemn Greeks to years of more economic hardship.

The ruling radical Syriza party passed the bill thanks to support from pro-European opposition parties as several government MPs, including former finance minister Yanis Varoufakis, voted against the measures.

Greece’s troubled left-wing government was seeking urgent relief from European lenders Thursday, after it pushed a harsh austerity package through parliament, triggering a revolt in the governing party and violent demonstrations in central Athens.

The PM also filled the posts of the junior ministers of finance and foreign affairs, who had resigned during the week over the bailout deal, which over half of Greeks had rejected in a referendum.

“I do not know if we did the right thing”.

A conference call between Eurozone finance ministers to discuss a Euro 7 billion bridge financing for Greece has concluded, Eurogroup President’s spokesperson Michel Reijns said in a twitter message.

The government described the vote as marking a “serious division” among its lawmakers, and indicated that dissenters in Tsipras’ cabinet would be swiftly replaced in a Cabinet reshuffle.

The prime minister argued for the new bailout proposals to be implemented because he said there was no other way to lift Greece out of its debt mire.

But the Prime Minister said sorting out the problems of the single currency was a “matter for eurozone countries”.

Greece owes its creditors about $330 billion, according to the Times, an amount that has been estimated to be 177 percent of the country’s gross domestic product. Police estimated that 12,500 people were demonstrating in Syntagma Square outside Greek parliament.

Parliament speaker Zoe Konstantopoulou, a prominent Syriza member, slammed the deal as a product of blackmail, calling it a “crime against humanity” and “social genocide”.

As MPs prepared to vote in parliament, furious demonstrators carrying signs reading “We said ‘No, ‘ we meant ‘No, ‘” threw firebombs at police who responded by firing back tear gas.

However, many experts believe that troubles for Greece will remain, as the agreement between Greek and European officials lack one vital point i.e. debt sustainability.