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Germany gives green light to €44bn package to Greece

RT - Nov 30, 2012

Germany’s lawmakers have agreed to forgive some of its loans to Greece. Fears that the country’s default would hurt the whole EU bloc overshadowed an almost a €17bn price tag for Germany.

Out of the total 584 MPs 473 voted in favour, with 100 against. Eleven MPs abstained. This comes at a time when public polls in Germany show that 46% of people in the country think Greece must be left to its own devices.

The key to today's vote was the dispute between Chancellor Angela Merkel and Social Democratic Party (SPD). While the SPD said a Greek rescue was essential, as otherwise it would hurt the whole Europe, and Merkel was reportedly more concerned with winning votes at the September 2013 elections.

Failure to approve Greece's revised aid package would have been a major blow to Europe, and also for the global economy, according to Germany Finance Minister Wolfgang Schäuble talking at Friday’s vote in the Bundestag.

The Finance Minister acknowledged the new measures for Greece might cost Germany up to €730mn ($950mn) next year. Analyst estimate a full haircut of Greek rescue loans could cost Germany up to €17bn ($22bn), which is more than 5% of Berlin's Federal budget.

Read Full Article from RT

- Posted: 2012-11-30 15:31:03

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