Greek PM Tsipras expected to reshuffle cabinet

World economy | The Greek parliament has passed new austerity measures amid violent protests on the streets of Athens.

The final tally of 229 to 64 in favour of the deal was decisive, yet numerous “No” votes came from within Tsipras’s own party.

Greek Prime Minister Alexis Tsipras does not intend to announce early elections in Greece before an agreement with the creditors is reached, a cabinet source told RIA Novosti.

The bill to impose sweeping tax hikes and spending cuts was approved with the support of three pro-European opposition parties.

The vote was preceded by a demonstration outside parliament with some protesters attacking police, breaking windows and torching cars.

The members of the Greek Parliament on the night of July 15 passed a contentious and divisive package of fundamental structural reforms that underpins yet another economic bailout.

Greek Finance Minister Euclid Tsakalotos attends a session of Parliament in Athens, on Wednesday.

The International Monetary Fund study said Greece’s financial muddle has worsened considerably and European countries would have to give Greece a 30-year grace period on servicing all its European debt, including new loans, and a dramatic maturity extension.

Thirty-eight lawmakers from Syriza abstained or voted against the government, including former Finance Minister Yanis Varoufakis and the current Energy Minister Panagiotis Lafazanis, according to Reuters.

The government, a coalition between Syriza and the small right-wing Independent Greeks, holds 162 seats in Greece’s 300-member parliament.

“I don’t know if we did the right thing”.

“If you think blackmail wasn’t real, I’m willing to hear alternatives”.

High-ranking dissenters included Alternate Finance Minister Nadia Valavani, who resigned from her post earlier Wednesday, saying she could not vote in favor of the bill.

The Greek bill was the first step in meeting requirements for negotiations to start on a desperately needed third global bailout for Greece – a three-year 85 billion euros ($93 billion) package – that will prevent it from crashing out of Europe’s common currency. The deal involves the EU’s emergency funding program – EFSM.

European governments are meanwhile divided over options to help Greece meet its short-term cash needs while it waits for the eurozone bailout deal to be finalised, which will likely take at least four weeks.