Parliament’s passage at 01:10 in the morning of Thursday helps secure Greece’s future in the eurozone, the 19 nations that use the euro currency. Despite anti-austerity protesters’ clashed with police late Wednesday night as lawmakers started to debate the measures at nearby Parliament building and finally won with 229 yes votes and 64 no. Greek parliament early Thursday accepted harsh terms demanded by creditors to receive nearly 86 billion euros in the country’s third bailout in five years. The yes vote will allow Athens to receive a financial lifeline from its international creditors, but comes at a significant cost of higher taxes, deep cuts in pensions and other government benefits and the sale of most state assets.

Prime Minister Alexis Tsipras told parliament just before the vote, “The options I had during the 17-hour hard negotiations were specific: One was to accept an agreement with which I largely disagree, or a disorderly default.” His leftist party was elected in January this year on a promise to oppose further austerity measures, but European government creditors stuck to their demands and Tsipras said he had to capitulate. Tsipras lobbied hard for passage as the only recourse to save Greece from an economic meltdown, even though a majority of his Syriza party came out against the bailout plan. After the approval, the European Central Bank agreed to increase the limit on emergency funding to Greece, supplying much-needed funds to the debt-strapped country. The finance ministers from the eurogroup formally announced that accepting creditor’s demands could start now a three-year bailout of Greece from Europe’s bailout fund, the European Stability Mechanism.