Greek parliament approves reform bill ahead of bailout review

ATHENS: The Greek parliament approved an omnibus bill on Friday cutting pensions, raising the retirement age, increasing punishment for tax evasion and liberalising the energy market ahead of the first review of the country's new bailout later this month.

Inspectors from the European Commission, European Central Bank, euro zone rescue fund and International Monetary Fund are expected in Athens at the end of October to assess progress on Greece's third rescue package.

Athens wants to conclude the review and recapitalise its banks quickly, to secure fresh aid and talks on debt relief. But it must first enact a long list of reforms detailed in the 86-billion-euro bailout plan.