Greek officials approved the new bailout agreement with a majority vote on Friday morning after an all night debate took place in a parliamentary session. However, the fragile ties between Greek Prime Minister Alexis Tsipras and ruling left-wing Syriza party, who strongly opposes the bailout terms, saw further damage, strengthening the possibility of an early election.
The votes came in just before the meeting of the eurozone finance ministers who are now in Brussels to officially asses the progress of Greece and confirm the new bailout agreement.
Greece is racing against time as it desperately needs the 85 billion euro ($94.8 billion) in emergency funding before August 20, in order to make a payment of 3.4 billion euros ($3.8 billion) to the European Central Bank.
With a total 222 votes in the 300 seat chamber, Tsipras had no trouble passing 151 vote threshold. However, 43 members of the Syriza party voted in opposition or abstained from voting for the bailout deal. Former Greek finance minister Yanis Varoufakis, was amongst the many who said 'NO' to the deal.
Before the voting process took place, the Greek Prime Minister stated that he had no other choice but to back the implementation of the programs which will cause a spiral of tax hikes, spending cuts and economic reforms.
“We made a difficult but responsible decision” said Tsipras.
The Syriza lawmakers stress that the deal overshadows their promise to end tough austerity measures in five years and reduce the constant intervention of the Troika.
Many analysts expect to see an early election for Greece in less than a year.