Greek bailout gets green light from Berlin

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Greek bailout gets green light from Berlin

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The German parliament has overwhelmingly approved the latest Greek bailout package of 130 billion euros, despite worries about Athens’ ability to stick with tough austerity measures.

Lawmakers passed the bailout by 496 votes to 90. This means Chancellor Angela Merkel should be able to ratify the plan in Brussels at the end of the week.

Ahead of the vote she warned there was no guarantee the move would save Greece. But she said: “The government is prepared to pay the German share into the European Stability Mechanism faster than initially planned… But a precondition is that the other member states also go along.”

The crisis dominated a G20 summit in Mexico where delegates upped pressure on Berlin to increase its role in the ESM.

But according to recent reports in Germany, the majority of the public and many MPs and economists do not believe bailouts will solve Greece’s financial woes.