(Image source: Euronews)

BY DAN CORNFIELD

ANCHOR MEGAN MURPHY

You're watching multisource world video news analysis from Newsy.

The Greek government has passed historic austerity measures--
Raising the retirement age--
Hiking taxes--
and cutting jobs.
All to secure a bailout from the EU and IMF.

“The government of George Popandreau has got the majority it needs for the austerity measures. The vote is 155 in favor out of a 300 parliament. Now we will analyze who voted which way backwards and forwards. But we do know now that the law has been passed and now the implementation laws have to be also passed.”

The implementation vote - to decide the particulars - will reach the floor Thursday.
It has been called a suicide option: vote it down and go bankrupt, or pass it and limp on for another day.

“The bill cuts jobs and raises taxes. But it may have saved Greece from the brink of bankruptcy. And it may have saved many of us from trickle down effects. There were fears that if that bill did not pass, it would affect money market accounts and the stock market here in the U.S.”

News that the cuts passed escalated riots that have been growing for weeks. Tear gas, rocks and stun grenades volleyed across the streets. At least one building was set on fire.

But there is still a long road ahead. Economic analyst Lance Roberts tells CNBC - the measures raise the retirement age to 62 and charge record-breaking taxes, threatening what Greeks consider their way of life.

“Whenever you institute austerity, particularly in a country like Greece, you’re going to lower the overall economic output of the country... And as austerity measures start to drag down their economy it’s going to make it even tougher for them to meet their obligations down the road. So this really has a lot of spiraling effects to it. This is just the first step of many things that are going to have to be done.”

Transcript by Newsy.