Members of the 300-member Greek parliament voted 154-143 in favor of the new property tax on Tuesday to comply with deficit reduction goals necessary in averting default.

The unpopular levy is expected to provide more than 2 billion euro in revenues or roughly about 1 percent of the annual gross domestic product of Greece.

Reports from the Associated Press said Germany has offered "economic aid" to its European neighbor during a private dinner between German Chancellor Angela Merkel and Prime Minister George Papandreou.

Earlier, Finance Minister Evangelos Venizelos made a public announcement that Greece might face economic breakdown if the government is not able to close a budget gap that is over and above the target that has been set in a rescue package, placing an 8 billion euro loan payment scheduled for Oct. in danger.

Greece has to obtain an 8 billion euro ($11 billion) rescue loan by middle of next month to hold off possible bankruptcy. A collapse can severely affect the international economy.

Germany, which is Europe's largest economy, is believed to be one of the key factors in dealing with the debt crisis that has affected the 17- nation euro zone but the government of Merkel has been criticized for its alleged lack of enthusiasm in leading the rescue initiatives.

"There is no easy solution to this problem and the crisis can only be resolved by patiently addressing all issues," she added.

However, it remains to be seen if this development will be sufficient to please investors although stocks climbed up following a tumultuous weekend in the world markets.

In a related development, Greek Finance Minister Evangelos Venizelos revealed that officials of the International Monetary Fund (IMF), European Commission and European Central Bank will fly back to Athens within the week to finalize plans for the package.

The course of action is for the government to employ debt-reduction measures in exchange for rescue loans while leaders of the European community have agreed in principle to grant Greece a second 109 euro billion assistance.

In return, Papandreou has vowed to undertake reforms which are being demanded by the country's international creditors.

He appealed to the people for more sacrifices since all these are needed to restore economic stability in Greece.