German lawmakers approve 3rd Greek bailout
German lawmakers have overwhelmingly voted for a third bailout package for cash-strapped Greece amid attempts to turn the Greek economy around.
On Wednesday, 454 lawmakers in the Bundestag lower house voted in favor of the bailout, 113 others rejected the package, and 18 others abstained. Reports say 46 lawmakers did not attend the voting session.
Before the voting session, German Finance Minister Wolfgang Schaeuble had warned the lawmakers that opposing the 86-billion-euro (USD-95-billion) package will result in grave consequences for Greece.
Schaeuble said, “There is no guarantee that all of this will work and there can always be doubts. But considering the fact that the Greek parliament already approved most of the measures, it would be irresponsible not to seize this chance for a new beginning in Greece.”
The approval of the three-year loan package is "in the interest of Greece and the interest of Europe," said the German finance minister.
The deal will also need approval from the parliaments of several other countries before any funds can be disbursed.
Later on Wednesday, the Dutch parliament is scheduled to vote on the Greek bailout. Athens is expected to get the first installment of the money afterward.
On August 14, Eurozone finance ministers approved Greece’s third debt bailout after Greek parliament endorsed the rescue package following a tough all-night debate.
According to officials, a total of some 13 billion euros would be disbursed for Greece by August 20.
Greece received two bailouts in 2010 and 2012 worth a total of 240 billion euros (USD 272 billion) from its troika of international lenders -- the European Central Bank, the European Commission, and the International Monetary Fund -- following the economic crisis in 2009.
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