Ger­man nod for bailout

Townsville Bulletin - - NEWS -

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.

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