Huge majority in German Parliament to approve Greece bailout extension

Germany’s Parliament overwhelmingly approved the four-month extension of Greece’s financial bailout on Friday, despite unease over the new government in Athens. Greece was granted the extension by its European creditors in exchange for a commitment to budget reforms. Germany is among the countries that needed to approve the deal in its national parliament. Finance Minister Wolfgang Schaeuble (pictured above) said: “We Germans should do everything to keep Europe together and bring it together, as far as we can.”

This is not about new billions for Greece, not about changing this program. It’s about providing additional time to complete this program successfully.

Finance Minister Wolfgang Schaeuble

Left-wing Prime Minister Alexis Tsipras ousted traditionally dominant political parties in the January elections, promising to scrap bailout agreements and supervision, and demand a massive write down of Greece’s 240 billion-euro ($272 billion) bailout debt. However, his government has backed off key demands and secured a bailout extension by pledging a series of policy measures including adherence to certain reforms. However, a minority of lawmakers in Chancellor Angela Merkel’s conservative bloc has consistently voted against bailouts for European strugglers.

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