Greece passes omnibus reform bill to comply with bailout

Greece's parliament has passed an omnibus reform bill providing for tax hikes, more austerity reforms and a new privatisation superfund, which will manage almost all state property.

There was one small dent in the left-led government majority of 153 lawmakers in the 300-member Parliament, with one Syriza party MP voting against the superfund and the contingency mechanism that will trigger automatic spending cuts if Greece fails to meet the targets of its bailout agreement with its creditors.

Greece now hopes the creditors will complete the first assessment of its third bailout program, freeing loan disbursements that will allow Greece to meet its obligations and avoid default.

Greece also hopes the vote will open the way to a discussion on easing the terms of its loans.