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Greek Parliament approves accelerated reform package for €12B bailout tranche

Greece's Parliament approved a fast-track reform package as the nation seeks the fourth and final €12 billion installment of its €86 billion EU bailout, Reuters reported.

Parliament cleared the package by a 154-144 vote. The approval comes ahead of the June 21 meeting of eurozone finance ministers, who will consider the release of the final tranche. The rescue program is set to conclude in August.

The Greek government has agreed to set a fiscal course that would lead to budget surpluses of 3.5% of GDP until 2022 and at least 2% thereafter, excluding debt service. The reform package includes provisions that would quicken the pace of privatizations in the energy industry, adjust real estate taxes and further reduce pensions in 2019.

Conservative opposition leader Kyriakos Mitsotakis criticized the reforms, suggesting they are crushing the middle class.