Greece scrambles to avoid euro exit

Athens is proposing a new set of tax hikes and pension cuts for a $55 billion bailout programme through the European Stability Mechanism

Athens: The Greek parliament on Saturday authorised the government to proceed with last minute negotiations on its proposal for a debt deal with its creditors. The proposal was passed by the plenum with 251 votes in favour versus 32 against with 291 deputies participating in the roll call vote in the 300-member strong assembly. Eight MPs abstained.

A man passes by an anti-austerity banner reading 'No' in front of the Greek parliament in Athens. —Agencies

The government narrowly escaped the loss of parliamentary majority, as 17 lawmakers of the ruling Syriza party of Prime Minister Alexis Tsipras which holds 149 seats in parliament abstained, were absent or voted no. Athens' proposals for a new set of tax hikes, pension cuts and economic reforms in exchange of a 53.2 billion euro third bailout programme through the European Stability Mechanism over the next three years will be examined later.

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