Greece’s Parliament has passed a $40 billion austerity bill to prepare the ground for a much-needed bailout to save the country from a historic economic crisis.

The bill which ensures the $110 billion aid from European Union and the International Monetary Fund includes tax rises, pension reforms and major cuts in public sector bonuses, Reuters reported.

In an address to the Parliament, Prime Minister George Papandreou referred to the country’s debt and deficit which has triggered anxiety among the 16 member nation making up the euro zone. He revealed that there is no time to be lost in making big changes in Greece’s broken economy.

The legislation took place amid violent public protests, which brought thousands of angry students, workers, and pensioners to the streets.

Greek’s biggest public and private unions went on strike on Wednesday which cancelled flights, closed shops and halted the public transportation as protesters vowed to continue their campaign against governmental plans.

Blaming corrupt politicians for the spiraling economic crisis, the restless dissidents have demanded justice to be served.

Papandreou, in an effort to calm the bitter protests, has promised to crack down on financial corruption.