Greece's parliament (photo) has approved unpopular austerity measures on Wednesday, despite violent protests, to secure international funds to prevent the euro zone's first sovereign default, (Reuters).
The European Union on Wednesday welcomed the Greek parliamentary's "vote of national responsibility" as a step towards reform and a step back from the brink of default.
"I welcome the vote in the Greek Parliament today. A vote of national responsibility," said EU president Herman Van Rompuy on Twitter as MPs in Athens approved 28.4 billion euros ($40 billion) in spending cuts by 2015.
The vote endorsing the austerity programme unlocks 12 billion euros in emergency funding from the EU and the International Monetary Fund needed by Athens to pay its bills next month.
A joint statement from Van Rompuy and European Commission president Jose Manuel Barroso said Greece "has taken an important step forward along the necessary path of fiscal consolidation and growth-enhancing structural reform".
"But it has also taken a vital step back - from the very grave scenario of default."
European parliament president and former Polish premier Jerzy Buzek said the landmark vote, in the years to come, "may be seen as a turning point for Greece and the eurozone".
"This was not an easy choice to make and I salute those who voted in favour of this tough reform package," Buzek said.
"Now it is our responsibility in the EU to show full solidarity with the Greek people. We are not only assisting Greece, we are improving the stability of our entire financial sector," he added.
Buzek expressed hopes that Thursday's vote on the implementation package would also be adopted while Van Rompuy and Barroso said in their statement that all eyes in Europe would be watching the vote.
"A second positive vote will pave the way for the disbursement of the next tranche of financial assistance," said the statement, referring to the 12-billion-installment of a 110-billion-euro bailout of Greece in May 2010.
"It would also allow for work to proceed rapidly on a second package of financial assistance, enabling the country to move forward and restoring hope to the Greek people," the two EU leaders said.
Buzek said "all of us in the EU are in the same boat, and in this rough sea of financial turbulence, going below the deck will not shelter us from the storm. We must act together in the fight against the debt crisis".
A second bailout of Greece is tipped to be almost as big as the first.
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