"The choice between a bailout or catastrophe is a choice made in the face of terror," said Energy Minister Panagiotis Lafazanis.
Adding to the difficulty the leftist government faces in selling the bailout package to members of the Greek parliament, a report (PDF) on Tuesday suggested that emergency cash being offered in the deal would be insufficient in alleviating the country's economic woes.
The report by the International Monetary Fund (IMF), one of Greece’s primary creditors, said Athens would need greater debt relief than eurozone partners have been prepared to offer.
"The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date — and what has been proposed by the ESM," the IMF said, referring to the European Stability Mechanism bailout fund that Greece has applied to for funds.
Earlier this month, the IMF said Greece needed about $66 billion through 2018 to stay afloat. But that ballooned to $94 billion during the past two weeks of crisis as the IMF updated its projections of Greece's financing needs and concluded the debt situation was "unsustainable," a senior IMF official told Reuters late Tuesday.
That means the country's European creditors need to either write down the debt they are owed or give Greece a grace period of as long as 30 years.
The official, who spoke on condition of anonymity, said that greater debt relief would give Greece a chance to recover and would be needed if the fund was to stay involved with any new Greek program.
IMF rules prohibit lending to a country unless public debt is considered to be on a sustainable path. Greece has missed a payment to the IMF and would also have to clear those arrears.
"We have made it clear ... we need a concrete and ambitious solution to the debt problem," said the official. "I don't think this is a gimmick or kicking the can down the road... If you were to give them 30 years grace you are allowing them in the meantime to bring down debt by ... getting some growth back."
Responding to the IMF report, German Finance Ministry spokesman Martin Jaeger suggested Wednesday that Greece issue IOUs to address short-term financing for domestic needs and pay off its debt to the European Central Bank (ECB) and IMF.
Despite the IMF’s warning, the bill on Wednesday is expected to pass with votes in favor by pro-European opposition parties.
The government, a coalition between Syriza and a small number of right-wing independent Greeks, holds 162 seats in Greece's 300-member Parliament.
Prime Minister Tsipras has acknowledged the measures he agreed to after a marathon summit with eurozone leaders on Monday go against his election pledges to make life easier for Greeks, and described them in a Tuesday night television interview as "irrational." But he said he had no option if he was to prevent Greece's financial collapse.
Talks on the bailout package will start only if Greece's government takes certain steps, including pushing through Wednesday's bill.
The bill was being passed through parliament with emergency procedures and was being debated at committee level Wednesday morning before it heads to the full assembly in the evening.
In a potential sign that Greece's eurozone neighbors would be receptive to the deal, France's National Assembly on Wednesday approved the $94 billion bailout. French Prime Minister Manuel Valls called the plan "vital to give Greece the breathing room it needs to imagine a future that's not only about paying back its debt."