Greece passes austerity plan to avoid default

Protests errupted on the streets of Athens as Greece's parliament passed a package of austerity measures, demanded by the eurozone and IMF in return for a 130bn-euro ($170bn; £110bn) bailout to avoid default.

The vote was carried by 199 votes in favour, with 74 MPs voting against, the BBC reports. Coalition parties expelled over 40 deputies for failing to back the bill. It came amid violent scenes in Athens and other parts of Greece, with protesters outside parliament throwing stones and petrol bombs. MPs have also approved a related deal to write off 100bn euros of Greek debt held by private banks. Part of the rescue included a bond swap intended to slice Greece's debt load. The swap for new 30-year bonds with an average coupon of as low as 3.6% would cut 100bn euros off more than 200b...