A 'yes' vote in Greek parliament

Obviously, there is much more on this to come

BREAKING: A Resounding 'Nai': Greek Parliament Votes to Accept EU Bailout Plan

Despite mass anti-austerity protests earlier on Wednesday, the Greek parliament has approved the proposals from eurozone members as the first step to open negotiations for a bailout

Sputnik News,

15 July, 2015

With of a 228 in favor, 64 against, and 6 neglecting to vote, the Greek parliament has approved the bailout proposal.

Former finance minister Yanis Varoufakis voted to reject the deal. Given that Varoufakis had earlier compared the package to the Treaty of Versaille, his decision was not surprising, but could potentially lead to his ouster as a Syriza MP. House Speaker Zoe Konstantopoulou also rejeted the proposal, after earlier warning that it could lead to social genocide.

Riot police stand amongst the flames from exploded petrol bombs thrown by a small group of anti-austerity demonstrators in front of parliament in Athens, Greece July 15, 2015

While Greek Prime Minister Alexis Tspiras called the bailout package "irrational," he had nevertheless actively lobbied parliament to approve the proposal to prevent Greece's exit from the eurozone.

"The Greek people are fully conscious and can understand the difference between those who fight in an unfair battle and those who just hand in their weapons," Tsipras told parliament just before the vote.

As a part of the 86 billion euro bailout, the Greek government will have to enact strict austerity measures. These include a top VAT rate of 23% to take in processed foods, 13% rate to cover fresh food, energy bills, and water, and 6% rate for medicines and books. It will also raise the corporate tax rate from 26% to 29% and install a luxury tax on cars, boats, and swimming pools. Early retirement for Greek citizens will also be affected.

Expressing their opposition to the austerity measures, demonstrators gathered throughout Athens earlier on Wednesday, leading to clashes between protesters and riot police. Law enforcement deployed tear gas and pepper spray, while protesters threw Molotov cocktails and rocks.

Over half of the members of the central committee of the ruling Syriza party signed a statement condemning the bailout, saying it amounted to a coup against Greece by European leaders.

"It may pass through parliament," Greek energy minister Panagiotis Lafazanis said in an earlier statement. "But the people will never accept it and they will be unified in their fight against it."

Agreed to by eurozone leaders in Brussels on Monday, the proposal was rejected by the International Monetary Fund, who considered the austerity measures did not go far enough.

DETAILS TO FOLLOW

Violent Clashes Outside Greek Parliament as Leaders Vote on EU Bailout

As the Greek parliament considers the controversial EU bailout plan, violent protests have erupted in the capital.

Greek MPs are expected to approve an 86 billion euro bailout deal which would come with an increased retirement age for Greek citizens and increased tax rates.

Nearly 12,500 people are believed to be participating in the anti-austerity rally in Syntagma Square. Journalists on the scene reported pepper spray and tear gas being released by riot police against