Stakes in Greece Austerity Vote are High

The stakes for Greece and its left-wing prime minister Alexis Tsipras couldn’t be higher. After the weekend’s marathon euro zone talks, Greece’s parliament will meet Wednesday to pass a set of swingeing austerity and reform measures.

Only then will it be allowed to enter talks for a much-needed third bailout. Fail and the country will be locked out of negotiations and pushed into bankruptcy.

Four pieces of legislation will have to be passed: a VAT increase, the extension of shop opening hours to include Sunday, a broadening of the tax base and a law to ensure the independence of the national statistical service of Greece (ELSTAT). Only once the Greek parliament has voted through all four laws, will other euro zone countries debate the agreement.