Greece is well and truly approaching the end of its international bailout, further signalled on Thursday with Greek lawmakers approving the last batch of economic reforms required by creditors.
Voted in 154 to 144, the bill includes a number of reforms relating to pension cuts, health care and tax reforms.
As the parliamentary debate took place ahead of the vote, some 3,000 people took to the streets of central Athens to protest the proposed reforms.
Meanwhile later on Thursday, creditors also approved the release of an additional €1 billion in bailout funds for the payment of arrears.
The bill was the last item on the agenda to be completed ahead of the scheduled meeting between the Greek government and eurozone finance ministers on 21 June, where they will come to a final deal on the country’s bailout exit strategy, due to take place on 20 August.
Greece and its people have faced a turbulent eight years. Since 2009, the country has had to rely on emergency loans from international creditors, including eurozone countries and the International Monetary Fund, along with a stream of cuts, privatisation, and structural reforms with an economy under strict supervision.
With the exit now in sight, Prime Minister Alexis Tsipras was optimistic in his address in parliament.
“Today’s parliamentary session is of a historic nature,” Mr Tsipras said.
“After eight years we are voting on the last measures of the last review. We honoured our commitments, the credibility of the country has been restored.”
The sentiment was shared by European Commission Vice President Valdis Dombrovskis, but said the country would have to tread carefully.
“Two months from now, Greece will complete its program,” he said.
“It will be a delicate, yet perfectly doable exercise, provided that all parties show commitment and act responsibly,” by which he meant staying on course with the reforms in a bid to achieve economic growth.
To finance itself, the country will have to borrow from international bond markets.
“There needs to be an agreement on the debt measures,” Mr Dombrovskis said.
“Upfront debt measures would be important for ensuring Greece’s gradual return to the markets.”
So far the government has been resisting signing up for a backup loan in its transition, which would involve additional stringent austerity measures, and is instead pushing for a clean exit.