Legislation is expected to be put in place next week for a new five-year Greek austerity plan that would deliver another €12 billion ($17 billion) of aid to the country, which faces the possibility of defaulting. 

However, the bailout is contingent on an austerity plan that would mean Greece would have to enact deep spending cuts, more tax hikes and a major sell-off of state assets.  This week the Greek parliament will be voting on these austerity measures in two bills — a €28 billion ($39.8 billion) midterm austerity plan and an implementation law, according to a report by the Associated Press.

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