Young demonstrators march in front of the Greek parliament in central Athens during protests against new austerity measures and a rally marking a 48-hour general strike, on November 6, 2012. - 

A multi-billion dollar austerity package will arrive before the Greek Parliament on Wednesday. The plan will include cost-cutting measures such as a retirement age increase from 65 to 67, as well as cuts to public sector salaries, pensions and other benefits.

If the austerity package is not passed, Greece could face bankruptcy later this year as the country’s vital bailout funding is contingent on the approval of substantial spending reforms.