German Parliament Overwhelmingly Approves Greek Bailout Wednesday Aug 19,2015

 

Germany’s Parliament has overwhelmingly approved a third bailout package for Greece(three-year 86 billion-euro ($93 billion) despite misgivings by some conservative lawmakers of Chancellor Angela Merkel’s Christian Democratic party.

Lawmakers voted 454-113 in favour of the deal on Wednesday Aug 19,2015, with 18 abstentions. 

The vote for the bailout package was also supported by Merkel’s coalition partner, the Social Democrats, and the opposition Greens

Finance Minister Wolfgang Schaeuble urged lawmakers ahead of the vote to back Greece’s third bailout in five years in light of a marked change in the Greek government’s approach. 

Germany is the largest single contributor to the bailouts.

Note

Greece’s bailout is getting its final approvals in parliaments in several European states. Lawmakers in Spain and Estonia approved it Tuesday Aug 18,2015, while those in the Netherlands are expected to do so Wednesday as well.
The deal needs to clear all hurdles so Greece can get the first tranche of money available and make a big debt repayment to the European Central Bank due on Thursday Aug 20,2015