November 12, 2012, it appears that Greece will once again avoid filing bankruptcy by accepting a 2013 austerity budget that was proposed early Monday morning. This was an important step for the country to be able to persuade its creditors to unblock a rescue loan installment that we keep the country out of a bankruptcy filing.

According to news reports, the 300 member parliament passed a budget by a 167 to 128 vote. This vote came just days after parliament voted on deep Spending Cuts and tax hikes that will last the next two years. That bill barely made it through the following arguments among the three parties in the Greek government. Prime Minister Antonis Samaras promised that the Greek people would not have to endure any more spending cuts in the near future. He stated, “Greece has done what it was asked to do and now is the time for the creditors to make good on their commitments.”

With the passage of these two bills, a $40 billion loan installment should be sent out. If these bills did not pass, Greece would run out of money on Friday. The country will stave off bankruptcy once again because having this influx in cash will allow them to pay off their treasuries of $6.35 billion or €5 billion.

On Monday, euro zone finance ministers will be meeting and discussing Greece’s financial problems. German Finance Minister Wolfgang Schauble said that it is very unlikely victories as disbursement of funds will be decided at that meeting. Schauble said, ”We all want to help Greece, but we won’t be under pressure.” It looks like everyone is waiting on a report from the Debt inspectors before the creditors sign up for the disbursement of cash. It appears they would like to see what the debt inspectors have to say about Greece’s debt sustainability. Many other countries are facing bankruptcy, but most of them are not front page news like Greece. But for now, once again Greece avoids bankruptcy filing with biggest debt write-down in history.