Greece to vote on omnibus bill this week

The Greek parliament is set to vote this week on the first set of reforms needed to secure its third bailout.

The omnibus bill includes raising the retirement age to 67 by 2022 and slashing pensions by 10% for those below that age who have already retired.

Under the proposal, stricter fines on tax invasion will be imposed, which the government said amounts to €20bn a year.

Tax on property rental will also be increased retroactively from 1 January 2015, according to the bill.

Prime minister Alexis Tsipras' party will discuss the bill behind closed doors on Monday before it goes to parliamentary committees on Tuesday. A plenary vote is due by Saturday, officials said.

The bill comes ahead of the country’s first bailout review later this month which Athens hopes to conclude and recapitalise its banks quickly.

Greece needs to implement a long list of reforms detailed in the €86bn bailout plan before receiving debt relief.

The European Commission, European Central Bank and International Monetary Fund are expected this month to evaluate the progress on the bailout agreement reached in August.