Greek parliament approved debt writedown with private creditors

The Greek parliament approved Thursday a law on a historic 107-billion-euro debt writedown with private creditors, a key element in a new eurozone bailout designed to avoid default.

The law sets rules and procedures for the debt restructuring and opens the way for parliament to now take up legislation on further austerity cuts and tough targets required to get another 130 billion euros ($172 billion) to 2014 in loans.

The vote on the private sector debt restructuring was not in doubt as the two coalition partners, the Socialists in PASOK and the conservative New Democracy party, have 193 of 300 seats in parliament.