18:09 | 16/07/2015 Global Economy
The Greek parliament passed sweeping austerity measures demanded by lenders to open talks on a new multibillion-euro bailout package to keep Greece in the euro.
Greek Prime Minister Alexis Tsipras (R) sits next to Finance Minister Euclid Tsakalotos (C) during a parliamentary session in Athens, Greece
The package was approved with 229 votes in the 300-seat chamber. There were 64 votes against it and six abstentions.
Prime Minister Alexis Tsipras said there was no alternative to the package, which he acknowledged would cause hardship, but he stood by the decision.
Government spokesman Gabriel Sakellaridis acknowledged the vote laid bare a split in the Syriza party, but he said the government's priority was to secure the bailout, suggesting that there would be no immediate move towards new elections.
In exchange for funding worth up to 86 billion euros ($94 billion), Greece has accepted reforms including significant pension adjustments, increases to value added taxes, an overhaul of its collective bargaining system, measures to liberalise its economy and tight limits on public spending.
It has also agreed to sequester 50 billion euros of public assets in a special privatisation fund to act as collateral on the deal./.