German Chancellor Angela Merkel greets colleagues as she arrives for a meeting of the parliamentarian group of the Christian Democratic Union (CDU) party at the parliament in Berlin.
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The Bundestag, whose backing is essential for the release of bailout funds, approved the plan by 454 votes to 113, with 18 abstentions.
Under the terms of its third bailout, which is worth 86 billion euros ($96.10 billion), Greece must deliver a batch of reforms, including an overhaul of its pension system, changes to trading practices, privatizations, and a review of labor rules. However, German media have reported that in a test vote late Tuesday, opposition was kept in check as 60 of 311 conservative lawmakers voted against or abstained.
Greece’s third bail-out cleared one of its last hurdles on Wednesday after the German parliament voted in favour of the aid package of as much as €86bn.
“But considering the fact that the Greek parliament already approved most of the (stipulated reform) measures, it would be irresponsible not to seize this chance for a new beginning in Greece“, he said to applause from the chamber as Merkel looked on.
In the Netherlands, a majority of lawmakers also backed the new Greek rescue after a heated debate in which Prime Minister Mark Rutte was attacked for reneging on an election pledge to not approve another bailout for Greece.
Despite being one the harshest critics of Greece’s left-wing Syriza government, Germany’s finance minister told MPs before the vote that they should give Greece the opportunity of a new start.
On Friday, support for the government from within its own coalition parties fell below 120 votes, the minimum needed to survive a confidence vote if some others abstain in the 300-seat parliament.
Later on Wednesday, the Dutch parliament is scheduled to vote on the Greek bailout.
Both the junior member of Merkel’s ruling coalition, the left-leaning Social Democrats, and the opposition Greens had signalled their intention to support the rescue plan.
Germany’s was the largest contributor to the two previous Greek bailouts, which totalled €240bn.
“The problem isn΄t a lack of European solidarity but a lack of Greek efficiency”, said conservative rebel Wolfgang Bosbach.
Greece will now receive the funds it needs to meet its liabilities for the next three years, removing the spectre of “Grexit” from financial markets for the time being.
Growing discord within Syriza could split the party and lead to early elections.
Schaeuble said: “If Greece does everything that we have agreed, then this program is designed over the next three years to bring Greece back onto a sustainable path”.
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Athens is expected to get the first installment of the money afterward. Several influential conservatives have expressed dismay that the global Monetary Fund will wait until October before deciding whether to participate in the bailout.
