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Greek parliament passes second austerity law

The Greek parliament has passed the second austerity law which allows it to secure further support from the International Monetary Fund.

The vote ensured the implementation of a £25bn austerity package proposed by prime minister George Papandreou, which includes tax increases and spending cuts.

Greek MPs passed the initial proposals on Wednesday by 155 votes to 138. Today’s vote was also passed by a slim majority of 154 out of 300.

Votes had to be passed in separate occasions yesterday and today for the country to receive the next instalment of the 110bn euro bail-out from the IMF and EU agreed 12 months ago.

German finance minister Wolfgang Schaeuble has also announced that German banks and insurers have agreed to participate in a plan to continue lending to Greece. German institutions will contribute £2.9bn to the plan.

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