Greek Parliament Approves Newest Round Of Austerity Measures, 154-144

Greek Parliament

Photo: Wikimedia Commons

The Greek parliament just approved its newest, highly contested round of austerity measures, with 154 MPs of the 300-member parliament voting in favour of the plan.While the bill has been expected to pass, the small margin of its win suggests major disagreement among members of PM George Papandreou’s ruling PASOK party.

One even voted no. He was promptly booted from the party.

The bill called for deep pension and pay cuts, tax hikes, and changes to public sector wage agreements in he context of Greece’s already flagging economy.

The passage of this newest round of austerity cuts was essential for the dispersion of €8 billion ($11 billion) in troika aid promised as part of the first Greek bailout. That aid is virtually assured now that the vote passed.

Protests have been raging for months in opposition to a batch of new austerity cuts that the Greek government has pushed through this fall.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at