U.S. and European stock prices surged on Monday after Greece approved a strict austerity plan, but the jump was limited given uncertainties still remain over the debt-ridden country's situation.

The Greek parliament passed the retrenchment measures that were demanded by international lenders as terms for a second bailout. Finance ministers of euro zone countries will now meet Wednesday and make a final decision on providing the additional international aid package.

It is uncertain whether the meeting will yield the approval of the bailout for Greece as some euro zone countries, including Germany, have said there are still a number of issues that need to be coordinated.

Prospects over the second bailout plan are all the more murky given that the Greek people are strongly protesting the recently passed austerity plan.