The parliament of Greece is going to start discussions on the austerity measures which the European Union and the IMF want to pass before distributing the next installment of the bailout programme.
The austerity measures are facing stiff opposition with nearly three quarters of the people opposing the measures, according to a recent survey.
The government of Greece has thin majority in the parliament with 155 seats out of the total 300.
Greece under pressure to implement austerity measures
The austerity measures are being opposed vehemently and the opposition has rejected the call for unity given by the Prime Minister George Papandreaou. Greece faces imminent threat of bankruptcy and needs €12 billion to pay its bill in the next month.
Odysseas Voudouris, the deputy in the ruling party said that his country is torn between bad and a worse choice. “I am afraid that a default and new elections would cause irreparable damage to Greece,” he said.
The bill will be presented before the parliament on Monday which is expected to vote on it on Wednesday. Specific steps to implement the austerity measures will be voted on Thursday.
While the 110 billion-euro EU/IMF bailout package makes it prominent that Greece will not be able to return to international bond markets next year, European leaders are working on another similar sized bailout package that would include a contribution from private banks for a "voluntary" rollover of their Greek debt.
A source in the French banking industry claimed that the French government has finished a deal with the banks to make the deal more agreeable.
Austerity measure opposed vehemently
The proposed austerity measures are facing stiff opposition from a vast array of citizens. The trade unions have called for a two day strike in the country against the introduction of these measures.
The proposals are facing opposition from within the ruling party itself and several leaders from the ruling party have left it.
In an interview with Spanish daily El Mundo on Sunday, Deputy Prime Minister Theodore Pangalos said that he believed that the law will get a clearance from the parliament though some provisions of it may be blocked by the rebels in the parliament.
Large scale protests have already started with a large number of protesters positioned in front of the Greek parliament to oppose the proposed measures as the country remains in the grip of recession for the last three years.