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Greek Prime Minister Alexis Tsipras delivers his speech at the end of a night parliamentary session in Athens, Greece, August 14, 2015. Greek lawmakers bickered through the night over a new bailout deal to keep the country afloat, only hours before euro zone finance ministers are due to decide on Friday whether to approve the vital aid for Athens. Reuters/Christian Hartmann

As Eurozone finance ministers approve an €86 billion (AU$182 billion) bailout deal for Greece, Prime Minister Alexis Tsipras faces strong dissent among the ranks of his own party over the deal. On Friday, the 19-member Eurozone approved the deal, which states Greece will receive the amount over three years in exchange of strict pro-market reforms.

The Greek Parliament passed the agreement after a long and bitter debate. The deal is designed to prevent Greece from defaulting on its debts and falling out of the Eurozone. It comes with a number of tough economic reforms which are meant to alter the Greek way of life to a considerable extent.

One third of MPs in the prime minister’s own radical left-party expressed discontent and revolted against the deal. Mr Tsipras had to rely on the pro-Eurozone opposition party to get the deal passed in the Parliament. He insisted that the bailout was for the best interest of Greece and would allow it to regain its financial stability. "The agreement will advance Greece by making its financial system more stable, starting right now," he said.

The stand taken by the prime minister is in stark contrast with his stance when he was voted into power. In the background of strong popular protests against steep tax rises, limitations on spending and other austere reforms demanded by the creditors in exchange of a bailout, the left wing Syriza came to power with a sweeping majority. The inability of the prime minister to deliver what he had promised his electorate has antagonised him not only to the people of his country but to his own party members, AFP reports.

"Together, we have looked into the abyss. But today, I am glad to say that all sides have respected their commitments. Greece is living up to its ambitious reform commitments," Mr Tsipras said in a statement in Brussels on Friday following six hours of intense talks.

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