Greece has been dependent since May 2010 on funds from two international rescue loan deals with other European Union countries and the International Monetary Fund, in return for which it imposed a series of deep spending cuts and tax hikes.

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The IMF said that the international rescue effort, which also involves the European Union (EU) and the European Central Bank (ECB), would be "well paced".

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The passage was necessary to move the country closer to obtaining a delayed 12 billion-euro installment of the 110 billion-euro rescue plan from the European Union and International Monetary Fund.

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While European Union, International Monetary Fund and Greek officials last week agreed upon a rescue plan for Greece, that plan needs to be approved by the Greek parliament.

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European Union, International Monetary Fund and Greek officials last week agreed upon a rescue plan for Greece, and that plan and austerity measures had to be approved by the Greek parliament before the aid plan goes into effect.

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In return, the European Union and the International Monetary Fund have committed to 240bn euros since 2010 in rescue loans for recession-hit Greece.

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