Under threat from the troika group of creditors to obtain any chance of a bailout package, Greece’s Parliament had approved painful new austerity measures early on Thursday. Despite the referendum and protests, Greece citizens are guaranteed to live a harder life under the new measures.
Greek banks are closed and the Greek economy is on the verge of collapse. Greek Prime Minister Alexis Tsipras had no choice but to adopt the new measures. He said he recognises the deal to be difficult but it was the only one available for the country.
The new measures passed with a vote of 229 to 64 with six absentions. Opposition parties lashed out against Tsipras, including 32 rebel Syriza party members who had voted no, including three ministers. The stability of the Syriza-run Greek government is now in question.
The International Monetary Fund backed Tsipras’ claim that the new bailout plan did not help the Greek economy get back on its feet. However, due to its insolvency, Greece had to go ahead with the vote and it had to unlock new aid to make a debt payment on Monday.
Tsipras himself said he was not happy with the new offer and every campaign promise he had made was really true; that it had been too good to be true according to leading world economists.