Greek aid package approved by the German parliament

FXstreet.com (Barcelona) - After a two hour debate in the Bundestag German lawmakers approved the revised Greek bailout package, aimed at cutting the country's debt to 124% GDP by 2020. Out of the total of 584 deputies present 473 voted in favor of the bill, 100 against and 11 abstained.

The majority of German Chancellor Angela Merkel's center-right coalition members as well as the main opposition parties supported the Greek deal. This outcome has positive implications for Merkel herself, as the vote was also a test of her lawmaker's support for her European policies, ahead of the federal elections scheduled for September 2013.

During the debate preceding the vote German Finance Minister Wolfgang Schaeuble expressed his satisfaction with Greece's austerity efforts and emphasized that the speculation on another haircut on Greek debt could destabilize the situation in the Eurozone further.

He also commented on the dangers connected with a Greek Eurozone exit: “It could trigger a process at the end of which the entire euro area could break apart.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS