German Parliament overwhelmingly approves Greek bailout

The bailout was in “the interests of Greece and Europe”, Schaeuble told the Bundestag.

Once all national procedures were completed, 13 billion euros among the first tranche of 26 billion euros would be disbursed to Greece for its pressing bills including a repayment of 3.2 billion euros to the European Central Bank on Thursday.

“It would be irresponsible not to use the opportunity for a new start in Greece“. Money from privatization efforts could also reduce the amount of loans needed.

MPs have been anxious about two unanswered questions – the extent of any debt write-off for Greece and whether the worldwide Monetary Fund will back the bailout. “Greece isn’t going to make it in the euro“. “But that’s not even necessary now”, Dijsselbloem said. “It’s not going to be easy”.

“We are certain to encounter problems in the coming years but I trust we will be able to tackle them”, he added. An official breakdown of how deputies voted was expected later Wednesday but much of the dissent seemed to come from the far-left Linke party rather than the conservatives.

Of the 585 members present in the Bundestag, 454 approved the bailout, 113 voted against and 18 abstained.

The German Parliament ratified the Greek bailout on Wednesday.

In the end however, just 63 out of a total 311 of the ruling block rebelled.

Schaeuble, Germany΄s toughest negotiator on the Greek bailout, led calls for a ΄yes΄ vote in the parliamentary debate.

GERMAN MPs have voted by a large majority to approve a third bailout deal for Greece. The Washington-based fund says Greece’s debt is not sustainable and that it does not want to participate unless there is some debt relief.

The attack is in tune with a growing revolt in Merkel’s party bloc and a minority of Germans who polls suggest are opposed to helping Greece and keeping it in the euro area, where Germany is the biggest contributor to sovereign bailouts.

A Metron Analysis poll on July 24 put support for Syriza at 33.6 percent, making it by far the most popular party, but not enough to govern without a coalition partner.

Ruttes coalition government easily survived a no-confidence vote Wednesday. Sven Giegold, a German member of the European Parliament, said the Greek public “hardly knows” what will be sold off.

However, Schaeuble said earlier this week that steps could be taken to reassure the IMF on the debt sustainability issue and that he was sure the Fund would take part in the plan. Greece has suffered through an economic depression in the past six years and seen unemployment jump to over 25 percent.

“If Greece stands by its obligations and implements the programme in full and with determination, then the Greek economy can grow again“.

The Eurozone finance ministers approved the third round of bailout plan for Greek last week.

Many Syriza MPs believe Prime Minister Alexis Tsipras allowed the eurozone lenders to dictate unacceptable terms to Greece, violating the country’s sovereignty.

The request was made in a letter sent on Wednesday to EP president Martin Schulz in which Tsipras requested the “direct and full involvement of the EP – as the fifth actor in the context of the so-called creditors’ quartet”.