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German Parliament approves plan for new Greek bailout
Greece bailout: German Chancellor Angela Merkel, center, and Vice Chancellor and Economy Minister Sigmar Gabriel, center right, cast their votes during a special session of the parliament Bundestag in Berlin, Germany, Friday, July 17, 2015
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Greece bailout: German Chancellor Angela Merkel, center, and Vice Chancellor and Economy Minister Sigmar Gabriel, center right, cast their votes during a special session of the parliament Bundestag in Berlin, Germany, Friday, July 17, 2015. German lawmakers are voting on a third bailout package for Greece. (AP Photo/Markus Schreiber) (AP Photo/Markus Schreiber)
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span class="inline inline-center">Greece bailout: German Chancellor Angela Merkel, center, and Vice Chancellor and Economy Minister Sigmar Gabriel, center right, cast their votes during a special session of the parliament Bundestag in Berlin, Germany, Friday, July 17, 2015. German lawmakers are voting on a third bailout package for Greece. (AP Photo/Markus Schreiber)
German lawmakers voted Friday overwhelmingly in favor of the new bailout plan for Greece after Chancellor Angela Merkel argued that the cash-strapped country would face chaos without a deal.
The German Parliament's vote capped a week in which the proposed bailout agreed by eurozone leaders Monday has cleared a string of hurdles. That has raised expectations that Greece will secure a financial lifeline to allow the country to reopen its banks and get back toward some sort of economic normality.
Following more than three hours of debate, German lawmakers voted 439-119 in favor of opening detailed discussions on the package. There were 40 abstentions.
Earlier Friday, Austrian lawmakers also cleared the way for the talks.
Specific terms of the three-year bailout will now be thrashed out between Greece and its partners in the 19-nation eurozone. The process is expected to last around four weeks and to lead to Greece getting around 85 billion euros ($93 billion) to help it pay off upcoming debts.
Germany has been the largest single contributor to Greece's bailouts and has taken a hard line, insisting on stringent spending cuts and tax hikes in return.
"The principle ... of responsibility and solidarity that has guided us since the beginning of the European debt crisis marks the entire result from Monday," Merkel told the special session of Parliament.
The alternative to an agreement, she added, "would not be a time-out from the euro that would be orderly ... but predictable chaos."
Merkel will have to return to Parliament to seek approval for the final deal when the negotiations are concluded.
"I know that many have doubts and concerns about whether this road will be successful, about whether Greece will have the strength to take it in the long term, and no one can brush aside these concerns," she said. "But I am firmly convinced of one thing: we would be grossly negligent, even irresponsible, if we did not at least try this road."
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Becatoros reported from Athens. (*)
