The government's debt settlement bill was passed in parliament by a majority vote of 158 MPs on Monday.
Another 140 MPs rejected the bill, which includes a new bankruptcy code for both businesses and private individuals, and regulations on home owners who have defaulted on their debts.
The Monday vote wrapped up four days of parliamentary deliberations, after main opposition SYRIZA leader Alexis Tsipras and 85 MPs of the party tabled and lost the vote on a motion of censure against Finance Minister Christos Staikouras, slamming the bill for not adequately protecting home owners whose homes are seized and auctioned against their loans and mortgages, SYRIZA had said in parliament.
Addressing the plenary on Monday, Staikouras said the bill is "cost-effective because it addresses the issue of private debt," and "socially sensitive, taking special care of vulnerable citizens." The minister added that it offers debtors a "second chance" via simple and fast procedures, boosts liquidity in the real economy and also incorporates the most recent European directives.