Amid a growing public backlash, the Greek parliament voted Sunday, Feb 12, to approve a package of austerity reforms, marking a key step toward securing a second bailout for the debt-riddled nation, CNN reports.
The vote clears one of three hurdles the Greek government must overcome to qualify for a second bailout worth €130 billion from the European Union, International Monetary Fund and European Central Bank, collectively known as the troika.
Greece needs the money to avoid a potential default on a €14.5 billion bond redemption in March.
The reform program includes job and salary cuts for government workers, pension reforms and other measures to reduce government spending.
In addition to securing parliamentary approval, the government needs to identity another €325 million in spending cuts. And political leaders must provide assurances that the program will be implemented even after elections are held later this year.
