Greeks Pass Austerity Vote

Bloomberg reports:

Greek Prime Minister George Papandreou clinched enough votes to pass the first part of an austerity plan aimed at meeting European Union aid requirements and staving off default for his debt-laden nation.

Having gained enough votes in the 300-seat Parliament, Papandreou is now on track to secure a bill setting out the strategy for a 78 billion-euro ($112 billion) package of budget cuts and asset sales that is the condition for further rescue funds. The vote, overshadowed by a 48-hour strike, became the target of protests outside the parliament that saw the police fire tear gas at demonstrators.

Parliament’s speaker must now declare the bill as passed before lawmakers can shift focus to further legislation that authorizes implementation of the measures. A successful vote on that tomorrow would allow Finance Minister Evangelos Venizelos to attend a meeting of European counterparts on July 3 for talks on releasing a fifth tranche of aid from Greece’s 110 billion- euro bailout agreed on last year.