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The measures include slashing 15,000 public-sector jobs as part of a longer-term strategy to get rid of 150,000 civil servants.
The minimum wage is also to be cut by 20% to about 600 euros a month, and labour laws are to be liberalised to allow easier hiring and firing of staff.
Financial markets were up slightly after the austerity bill was passed.
But tens of thousands protested against the measures in Athens on Sunday night.
Most of the demonstrators protested peacefully, but small groups were involved in running battles with riot police.
They did huge damage to the city, attacking buildings with petrol bombs, and setting fire to banks, cinemas and cafes.
In all, 45 buildings are said to have burnt in the worst rioting for years. Other businesses were looted and badly damaged.
Continue reading the main story What went wrong in Greece?
Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money.
Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.
The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.
Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers.