German nod for bailout
GERMAN lawmakers voted overwhelmingly in favour of the new bailout plan for Greece after Chancellor Angela Merkel argued that the cash- strapped country would face chaos without a deal.
The German Parliament’s vote capped a week in which the proposed bailout agreed by eurozone leaders Monday has cleared a string of hurdles. That has raised expectations that Greece will secure a financial lifeline to allow the country to reopen its banks and get back towards economic normality.
German lawmakers voted 439- 119 in favour of opening discussions on the package.
Specific terms of the threeyear bailout will now be thrashed out between Greece and its partners in the 19- nation eurozone. The process is set to last around four weeks and to lead to Greece getting around € 85 billion ($ A125 billion) to help it pay off upcoming debts.