Greek Parliament passes 2012 budget

The 2012 budget passed on Wednesday, predicts a fourth year of recession, projecting a primary surplus which excludes interest payments, the Associated Press reported.

Three major parties supporting Prime Minister Lucas Papademos voted for the plan which includes harsh measures aimed at cutting the country's deficit to 5.4 percent of its gross domestic product.

Earlier, police forces clashed with angry protesters who were marking the anniversary of the death of a student killed by Greek police in 2008.

Greece has been witnessing massive protests and strikes against tough austerity measures over the past months. The protests often turn violent.

Greece's public debt equals some 162 percent of its gross domestic product. If it fails to obtain international support, the country will reportedly run out of money and default on its debts within weeks.

The country's new patch of aid, which is part of a second rescue package agreed last month for Greece, is aimed at helping the economic crisis in the Eurozone that is threatening its largest economies and perhaps ultimately the existence of the euro itself.

Europe plunged into a financial crisis in early 2010. The current bailout provisions helped countries in the red such as Greece, Ireland and Portugal. However, it is expected that much more is needed to aid larger countries like Italy and Spain.