German lawmakers approve new Greek bailout
German Chancellor Angela Merkel, right, talks with Finance Minister Wolfgang Schaeuble during the debate prior to the voting of the German Parliament Bundestag about a new Greek rescue package in Berlin, Germany, Monday, Feb. 27, 2012. (AP / Markus Schreiber)
Published Monday, February 27, 2012 11:54AM EST
BERLIN - The German parliament has approved a C130 billion ($173 billion) loan package for Greece after Chancellor Angela Merkel warned it would be irresponsible to abandon the country to bankruptcy.
Parliament voted 496-90 with five abstentions for the new package on Monday. A wide majority was expected, with two opposition parties in favour, although bailing out Greece has never been popular in Germany.
The rescue is Greece's second in less than two years and also involves private-sector investors accepting big losses the bonds they hold, along with tough new Greek austerity measures.
Merkel told lawmakers before the vote that "no one can give a 100 per cent guarantee of success" for the rescue program.