The German Finance Minister says he expects the Eurogroup to reach agreement on Greece's new bailout.

Wolfgang Schäuble's comments come after the Greek parliament approved the €85bn rescue package after an all night debate.

As European finance ministers discuss the deal today, an MEP from the ruling Syriza party in Greece has admitted the anti-austerity agenda of the government has failed.

Kostas Chrysognos says the party now has to accept "the reality" after the Greek parliament finally the bailout package, which passed despite a number of Syriza MPs rebelling against the government.

Prime Minister Alexis Tsipras was relying heavily on support from the opposition following dissent from members of his own left-wing party.

Eurozone finance ministers are meeting today and are expected to approve the agreement.

Mr Chrysognos says Greece had no other option but to support the bailout.

He says Syriza's opposition to austerity has not succeeded.

"After a certain degree we have failed - this is the reality, and we've got to face it now" he told Newstalk Lunchtime.

"Evading reality is not accepting them; it's not the way to improve the fate of Greek society".

"The mandate which has been given by the Greek people to Syriza was to try to negotiate hard within the Eurozone" he added.