The new measures include pay and staff cuts in the civil service as well as pension cuts and tax hikes for all Greeks. The bill passed by majority vote in the 300-member parliament.
Former Labor Minister Louka Katseli voted against one article that scales back collective labour bargaining rights. She voted in favour of the overall bill, but Prime Minister George Papandreou expelled her from the party's parliamentary group. The move whittles down his parliamentary majority to 153.
The vote came after violent demonstrations that left one person dead and 74 injured.
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