As thousands gathered in protest Thursday in Athens, Greece, lawmakers there approved a bill allowing a financial bailout from the European Union.

The austerity bill, which passed by a 172-121 vote, will give the country access to 110 billion euro, or about $140 billion. Supporters say the measure is necessary to avoid bankruptcy.

In exchange for the bailout funds, however, Greece must cut salaries and pensions, as well as raise taxes -- fueling anger in an already heated debate.

Tens of thousands of protestors rallied outside parliament during Thursday's vote, while debate over approving the measure even spilled inside.

CBN News Reporter Dale Hurd has more on the Greece financial crisis and the impact it's having on the world economy.  Click play for his comments.

Prime Minister George Papandreou expelled three of his deputies who didn't vote in favor of the bill, removing them from his Socialist party's parliamentary group.

Opposition leader Andonis Samaras did the same, kicking out former Foreign Minister Dora Bakoyiannis for voting in favor of the bill.

The financial crisis is sending shock waves through the global economy.

Thursday, the Dow dropped more than 900 points over fears that Greece's debt problems may spread. The euro has also dropped to its lowest level in more than a year.

The money for the new bill will come from the International Monetary Fund and 15 other governments that use the euro.