Greece parliament approves second set of economic reforms News
Greece parliament approves second set of economic reforms

Greece’s parliament [official website] on Thursday passed a second set of economic reforms with an overwhelming 230-63 majority vote. Greece’s creditors asked [JURIST report] that the second set of economic overhauls be passed before they began negotiations for the aid program, which will help the country’s economy and save it from bankruptcy. Before the vote, Greek Prime Minister Alexis Tsipras [official website], gave a statement [text] to the Greek lawmakers, calling the upcoming negotiations “an explicit, clear commitment to debt rescheduling in order for it to become viable.” Tsipras stated that although they have exhausted much of their negotiating power, they must try to develop as many political and social alliances in Europe as possible, in order to achieve the best possible result.

The debt crisis [BBC timeline] in Greece began in 2009 with a down-grade of a credit rating, and in the following years, has led Greece to borrow hundreds of billions of euros. Earlier this month the country voted [JURIST report] not to accept the bailout deal offered by Europe. Also this month, as the country was preparing for the vote, protesters in Greece gathered [JURIST report] in the tens of thousands, holding rival rallies that drew attention to the split within the country as the referendum approached. In April nineteen eurozone creditors held a meeting [JURIST report] in Latvia to demand the completion of the economic reform program agreed to be Greece necessary to avoid a Grecian default or exit from the euro. Earlier that month the European Central Bank (ECB) expressed concerns [JURIST report] about Greece’s draft law that prohibits the government from foreclosing on primary residences where borrowers can prove total wealth requirements as ripe for unscrupulous debtors to engage in strategic defaults without repercussions. In March Greece’s parliament passed an anti-poverty bill [JURIST report] that would provide free electricity and food-stamps to low-income households.