Greek lawmakers approve third bailout after all-night debate

Lawmakers in debt-ridden Greece have reportedly approved the draft of a third bailout through an all-night voting process in parliament.

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According to reports, a rescue package of about 85 billion Euro that includes decrease in spending and increase in tax has been cleared.

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The vote was passed with 222 votes in favor, 64 against, 11 abstentions and three absent in the 300 member parliament.

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Greece needed to pass the bill ahead of a meeting of Euro Zone finance ministers in Brussels, where it will be decided whether to approve the draft agreement.

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The draft proposal will also have to be approved by parliaments of various other countries, including Germany, before funds can be disbursed.