The vote is expected to pass, as opposition parties New Democracy, Pasok and To Potami -- a total of 106 members in parliament -- have said they will support any deal. A majority of 151 lawmakers is required to pass legislation through the 300-member parliament.
But "the issue will be how many dissidents Tsipras will have from his own party," Paschos Mandravelis, political commentator at Greek newspaper Kathimerini told CNBC. Around 30 Syriza lawmakers are expected to vote down the bill.
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A risk that Tsipras is facing is that some Syriza members might resign over the vote but refuse to give up their seat, thereby weakening the government majority.
Tsipras' coalition partners, the Independent Greeks, are expected to approve the deal, but the party's spokeswoman told Greek state TV on Tuesday that there are limits to their support. The Golden Dawn and the Communist party will not give their support.