Ahead of the vote, Greek Prime Minister Alexis Tsipras called on the legislators to approve the reform package offered to the country`s creditors.
"It is a choice of high national responsibility, we have a national duty to keep our people alive... We will succeed not only to stay in Europe but to live as equal peers with dignity and pride," Tsipras said.
The proposals will be discussed by eurozone finance ministers on Saturday, ahead of a meeting of eurozone heads of government scheduled for Sunday.
The proposed measures include tax hikes and spending cuts very similar to ones Greeks rejected in a referendum on July 5.
Some 8,000 anti-austerity demonstrators had been gathered outside the parliament building in the capital Athens to protest against more austerity, police said.
The Greek prime minister submitted the proposals to Greece`s creditors -- the European Commission, the European Central Bank and the International Monetary Fund -- just two hours before a Thursday midnight deadline.
Greece received two bailout packages in 2010 and 2012, worth a total of €240 billion ($272 billion), from the creditors following its 2009 economic crisis in exchange for implementing tough austerity measures.
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