Greek university students marched in the streets of Athens on Wednesday to protest a new higher education reform bill promoted by the government in the framework of the wider austerity and reform plan.

Presenting the plan before the parliament's education committee, Education Minister Konstantinos Arvanitopoulos argued that through the mergers of departments, deficit-cutting measures and overhaul, Greek students will enjoy better studies.

Thousands of youth who held a peaceful rally in front of the parliament on Wednesday claimed that the proposed plan named "Athena" after the Goddess of Wisdom in ancient Greek mythology will on the contrary downgrade their studies.

Under the plan, more than 350 departments in university schools will close down or merge nationwide. As a result, several students might have to move to different cities to continue their studies or end up with a different diploma regarding to their initial choice.

"We want our diplomas, not worthless documents," protesters were chanting on Wednesday, vowing to return to the streets until the bill is overturned.

Greece has been hit by a severe debt crisis since 2009 and government policies aiming to slash deficits and reform the state have been met with strong reactions by Greeks suffering from austerity.