Financial collapse

The draft bill for the three-year rescue package worth about 85 billion euros ($93 billion) in loans includes harsh spending cuts and tax hikes that Prime Minister Alexis Tsipras has said he has no option but to implement.

His radical left Syriza party won elections in January on promises of repealing similar budget austerity imposed in return for Greece's previous bailouts.

The Greek parliament early Saturday passed the bailout proposals package with 251 votes in favor and 32 against.

Greek Prime Minister Alexis Tsipras said that the legislature "has given the government a strong mandate to complete the negotiation," adding that "what matters now is the positive outcome."