Exhausted Greek lawmakers back third bailout after marathon all-night debate

Greek lawmakers approved their country’s draft third bailout in a parliamentary vote today that relied on opposition party support and saw the government coalition suffer significant dissent.

The vote came after a marathon all-night session marked by procedural delays and acrimonious debate over the three-year, about 85 billion-euro (US$93 billion) rescue package that includes harsh spending cuts and tax hikes. Greece needs the money to avoid defaulting on its debts and securing its future in the euro currency.

Prime Minister Alexis Tsipras has come under intense criticism from hardliners within his own radical left Syriza party for capitulating to creditor demands to introduce the austerity measures, many of whom voted against the bill. The discord is threatening to split his party and could lead to early elections.

Greece needed to pass the bill ahead of a meeting of euro-zone finance ministers in Brussels later today, where the ministers will decide whether to approve the draft agreement.

The deal will also need approval from the parliaments of several other countries, including that of Greece’s harshest critic, Germany, before any funds can be disbursed. Some nations, such as Finland, have already given their approval.