Eurogroup to OK Greek bailout after MPs

After the Greek bailout cleared parliament in Athens, all eyes have turned to eurozone finance ministers and the ECB to keep the debt-wracked country's economy afloat until the rescue plan is backed by other national legislatures in Europe.

The so-called Eurogroup of finance ministers held a conference call on Thursday to discuss next steps following the Greek vote, while the ECB's decision-making governing council was holding its regular policy meeting.

Greek Prime Minister Alexis Tsipras overcame a major mutiny in his radical left Syriza party and won parliamentary approval for a series of unpopular reforms demanded by international creditors.

As anti-austerity protesters threw firebombs at police on the streets of Athens, Tsipras was forced to rely on pro-European opposition parties to win approval for the measures that include sweeping changes to taxes, pensions and labour rules.

"I had specific choices before me: one was to accept a deal I disagree with on many points, another was a disorderly default," he said in an impassioned speech to parliament.

Many of Syriza's hardline leftists voted against the measures, including former finance minister Yanis Varoufakis, after a tempestuous debate.

And even his successor Euclid Tsakalotos said his decision to back the bailout terms "will burden me my whole life".

"I don't know if we did the right thing. I do know we did something we felt we had no choice over," he said.

Greek parliamentary backing was a pre-condition for Athens to secure a third EU bailout worth up to 86 billion euros ($A127.63 billion), and means tough talks to finalise the long-awaited deal can soon begin in earnest.

Brussels appeared to be satisfied by the results of the overnight vote.

"The authorities have legally implemented the first set of four measures agreed at the euro summit in a timely and overall satisfactory manner," EU spokeswoman Annika Breidthardt told reporters in Brussels.

European governments are divided over options to help Greece meet its short-term cash needs while it waits for the eurozone bailout deal to be finalised, which will likely take at least four weeks.

In the short term, it will likely be up to the Frankfurt-based ECB to keep Greece's banks, and by extension its economy, from immediate collapse.

To stem massive capital flight, Greek banks have been closed for more than two weeks and cash withdrawals limited to 60 euros a day per person.

Greek banks have been hooked up to the ECB's life support, known as the Emergency Liquidity Assistance or ELA, for weeks now, with the aid capped at 89 billion euros since June 26.

With no new monetary policy announcements expected at Thursday's ECB governing council meeting, president Mario Draghi is likely to face a grilling over the ELA lifeline.

Strictly speaking, ELA is only available for banks that are solvent, and the solvency of Greek banks is looking increasingly shaky.

Athens has already failed to make a key debt repayment to the International Monetary Fund, and it must now stump up 4.2 billion euros to the ECB itself by July 20.

Should it miss that deadline, the ECB may find it impossible to justify keeping the ELA taps open.