The Greek Parliament approved on Friday the draft terms of a third bailout programme amounting to nearly EUR 85 B.

In order to be granted the bailout by its international creditors, Greece will have to implement a set of reforms, which include tax rises, pension and other spending cuts.

The discussions and debate in the Greek Parliament started on Thursday and lasted overnight, with Greek Prime Minister Alexis Tsipras and Finance Minister Euclid Tsakalotos managing to convince the MPs to vote in favour of the bailout.

Both Greece and the European Commission (EC) expressed preference for the bailout over the other considered option, which foresaw the granting of a bridge loan of EUR 6.04 B.

The bailout was approved despite internal dissent within the main ruling SYRIZA party and large-scale demonstrations outside the building of parliament protesting the deal.

The bailout was approved with 222 votes in favour, 64 votes against, while 11 MPs abstained and 3 were absent, daily Kathimerini informs.

However a total of 31 SYRIZA MPs voted against and 11 abstained, which constitutes the largest rebellion within the Greek government so far.

The terms of the bailout will be discussed at the forthcoming extraordinary meeting of eurozone finance ministers, which is scheduled to take place in Brussels later on Friday.

Greece has to receive urgent financial aid before August 20, when a debt repayment of EUR 3.2 B to the European Central Bank (ECB) falls due.

According to media reports, Tsipras will initiate a vote of confidence in parliament next week, the BBC reports.

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