The Greek Parliament [website] approved new legislation Tuesday cutting pensions and increasing the rate of privatization. The measures [NYT report] were taken in order to satiate creditors and receive aid under the country’s third bail-out procedure. Included in the deal was a transfer of electricity and water utilities. Passed by a narrow majority, the legislation was met with protests by workers [Reuters report], largely by those employed by the nation’s water providers. The purpose of the package is to further decrease the nation’s tremendous debt and to maintain employment rates.

The debt crisis [BBC timeline] in Greece began in 2009 with a down-grade of a credit rating, and in the following years, has led Greece to borrow hundreds of billions of euros. In May the Greek Parliament approved [JURIST report] the last round of austerity measures necessary to secure European bailout funds. The nation approved [JURIST report] a bill in February that provides health insurance and municipality jobs to poor Greek citizens affected by the country’s recent austerity measures. Last October Greek lawmakers approved [JURIST report] a bill containing new austerity measures and economic overhauls under its new bailout program. In April of last year the European Central Bank expressed concerns [JURIST report] about Greece’s draft law that prohibits the government from foreclosing on primary residences where borrowers can prove total wealth requirements as ripe for unscrupulous debtors to engage in strategic defaults without repercussions.