REUTERS
Greece's leftist-led parliament has passed a 'tough' 2016 budget comprising deep spending cuts and tax hikes, according to Deutsche Welle.
The approval follows July's massive and contentious economic bailout facilitated by the European Union, Deutsche Welle wrote.
Prime Minister Alexis Tsipras' leftist government narrowly secured budget approval early Sunday. Lawmakers voted 153 in favor and 145 against, during the late-night session.
In the vociferous debate, Greek Finance Minister Euclid Tsakalotos said nobody could cheer for "this tough budget" shaped by the unpopular terms of the third EU-led rescue package for Greece, which was agreed with international lenders in July.
The approved budget makes EUR 5.7 billion ($6.2 billion) in spending cuts and gathers EUR 2 billion in higher taxes. The cuts include EUR 1.8 billion from pensions and EUR 500 million from defense.
Greece's debt is forecast to grow to EUR 327.6 billion or 188% of gross domestic product (GDP) from 180% in 2015.
There have been strikes by public and private workers over the austerity and restructuring reforms sought by the EU as part of the financial bailout aimed at keeping Greece in the eurozone.