Athens , Greece ( CNN ) -- Greek Prime Minister George Papandreou 's reshuffled Cabinet survived a vote of confidence early Wednesday despite widespread opposition to budget cuts he says are needed to prevent a government default . International lenders have demanded Greece cut spending , lay off public workers , raise taxes and raise 50 billion euros ( $ 71 billion ) through selling off state-owned enterprises in exchange for another bailout deal for the cash-strapped nation . Weeks of protests against the austerity measures spurred Papandreou to shake up his government last week , leading to Wednesday 's 155-143 vote . Analysts warn that a Greek default could cripple the euro , the European Union 's common currency , and send shock waves throughout the world economy . Lawmakers are slated to vote on the privatization plan and further tax increases , pension cuts and layoffs on June 30 , and European Commission President Jose Manuel Barroso warned Greece risks being abandoned by both Europe and the International Monetary Fund if it fails to act . `` There is no alternative to this program . Let 's face it , '' Barroso told CNN on Tuesday . `` And that 's why it has to be clear . We need Greece to deliver , and if Greece wants this program of support , Europe is ready to support it . '' Greek Finance Minister Evangelos Venizelos said Tuesday he was encouraged by bipartisan support he received from main opposition leader Antonis Samaras on the austerity plan , which Venizelos said he would take to Eurogroup ministers July 3 . Harsh reforms designed to help reduce Greece 's enormous budget deficit have so far led to tax hikes and public-sector job losses alongside already record-high unemployment . Papandreou faces opposition from within his own ruling socialists over the austerity measures needed to secure an additional bailout package . On Sunday , international lenders demanded that Greece stick with tough austerity measures and raise billions of euros by selling off state assets in exchange for further support . Airports , highways and state-owned companies as well as banks , real estate and gaming licenses will all go on the auction block . On June 9 , the Cabinet approved a tough five-year plan for 2011-15 and introduced a bill in Parliament to put austerity measures into effect . The government proposes reducing the public-sector workforce by 150,000 ; workers will also face changes in working hours , practices and wages , and the plan also sets out changes to social benefits , including pensions and unemployment aid . Protests against those plans turned violent June 15 as demonstrators threw gasoline bombs at the Finance Ministry and police fired tear gas at protesters , police said . But Papandreou did not change course , telling lawmakers over the weekend , `` The government must stop spending more than it takes in . '' According to the Finance Ministry , these measures will help achieve 28.3 billion euros ( $ 40.5 billion ) in cuts from 2012 to 2015 and shrink Greece 's public deficit to less than 3 % of gross domestic product , in accordance with the EU target . CNN 's Diana Magnay and journalist Elinda Labropoulou contributed to this report .
NEW : This means the product will ship as received by the manufacturer, sealed, with all advertised components, and with the manufacturer warranty. EU chief says Greece has `` no alternative '' to austerity plans . Greece plans to raise taxes , cut pensions and sell off assets as part of a bailout . A Greek default likely would send shock waves across the world economy .