The reform package passed by Greek Parliament has been introduced as part of requirements the country must meet under its third international bailout. The package includes government spending cuts and a tax hike for most people.

The pension and tax reforms are key parts of the first 5.4-billion-euro worth package of measures requested by international creditors.

Prime Minister Alexis Tsipras said the reforms are needed to prevent the pension system collapsing in a few years. He highlighted the fact today's euro zone finance minsters' meeting will for the first time look at easing Greece's crippling debt burden.

Conclusion of the review may inject more than five billion euros to ease Greece's squeezed finances.