On the cusp of a default and with street protests turning violent, the Greek Parliament is set to pass an austerity package today that will help pave way for it to receive future bailout funds from the International Monetary Fund. As the Associated Press reports:
The package, which involves €28 billion ($40 billion) worth of spending cuts and tax increases over five years, is a condition for the eurozone and the International Monetary Fund to release the next €12 billion ($17 billion) installment of the country's bailout fund. An additional bill that details how the austerity measures will be implemented must also be passed in a vote Thursday.
This morning's reports from The New York Times, Reuters, and the Associated Press have all indicated that the unpopular package will likely be passed despite opposition and tear-gas filled clashes of riot police and protestors right outside the Parliament building. For immediate reporting, The Guardian, the AFP, and The Wall Street Journal are live-blogging the proceedings. CNN has a live-video feed of the protests in Syntagma Square in Athens, Greece here.