Greece Bailout Funds Clear Final Hurdle As Second Bill Passed

ATHENS, Greece — Greece has bought itself some time to deal with its crippling debt crisis after lawmakers cleared the final hurdle for crucial bailout funds to be released, that will prevent the country from defaulting next month.

The European Union and International Monetary Fund had demanded Parliament pass two bills – an austerity law and a second bill detailing how it will be implemented – before they approve a euro12 billion ($17.3 billion) installment from the country's euro110 billion ($159 billion) package of rescue loans.

Parliament passed the second law by majority vote Thursday.

The austerity measures have been met with resistance, with two days of rioting in the lead-up to Wednesday's vote. More than 300 people were injured.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

ATHENS, Greece (AP) – Greek lawmakers are set to pass a bill Thursday to fast-track fresh austerity measures demanded by creditors, following two days of rioting in Athens that left more than 300 people injured and 50 stores damaged.

Greece's international creditors have insisted that Greece back an austerity package and the associated implementation bill in return for giving more money to the country. On Wednesday, parliament approved the five-year euro28 billion ($40 billion) package of spending cuts and tax increases, leaving details of the cuts to be approved Thursday.

Once, and if, Thursday's bill to implement the austerity measures is cleared, the eurozone and the International Monetary Fund will be in a position to release the euro12 billion ($17 billion) that is due from last year's package of rescue loans for Greece. Many of the measures outlined will kick in almost immediately.

Without the financial assistance, Greece was facing bankruptcy as soon as the middle of July. A Greek default on its debts could trigger a major banking crisis and potential turmoil in global markets, similar to what happened when the Lehman Brothers investment house collapsed in 2008 in the United States.

As a result, markets around the world breathed a sigh of relief after Wednesday's vote – while municipal authorities in the Greek capital grappled with the damage caused by two days of violent protests.

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Source: Huffington