GERMANY
German lawmakers approve Greek bailout
German parliamentarians have voted overwhelmingly to approve
a second international bailout for Greece. Chancellor Angela Merkel had urged
them to approve the measure in Germany's interest.
Members of Germany's lower house of parliament, the
Bundestag, have voted to approve Berlin's participation in the latest
international bailout for Greece.
Parliamentarians passed the measure by a vote of 496 for and
90 against. There were five abstentions.
Lawmakers had been expected to pass the measure by a large
majority, with not only members of Chancellor Angela Merkel's center-right
coalition having spoken out in favor of the package, but also the opposition
Social Democrats and the Green party.
Even so, the vote was a blow to Merkel, because 20 members
of the coalition parties did not vote in favor of the bailout.
Strong pitch from the chancellor
Prior to the vote, she opened the debate with a speech in
which she explained why parliamentarians should approve the bailout package,
worth 130 billion euros ($174 billion).
The chancellor stressed that approving the package wasn't
only about bailing out Greece, but also about the entire eurozone. She
described the package as part of a greater effort to create a stability union
to safeguard the common currency. She also warned of what she said would be
incalculable risks if Greece were to pull out of the eurozone.
"Nobody can foresee what the consequences of a
disorderly default would have for all of us, including the people of
Germany," the chancellor said.
Merkel highlighted the efforts that Greece had already made
and new measures that it has agreed to make to bring its public debt under
control. She also noted the fact that the private sector had agreed to get
involved, with lenders to write down more than 100 billion euros of bad Greek
debt.
She stressed that this latest bailout wasn't just about
forcing Greece to implement austerity measures. She said it was more about
making it more competitive and capable of creating economic growth in the long
term.
"There is now no alternative to correcting the mistakes
of the past," the chancellor said, apparently referring to the budgetary
practices of past Greek governments
While she pushed hard for parliamentarians to pass the measures,
she also warned that the package wouldn't necessarily be the final panacea to
the eurozone debt crisis.
"Nobody can provide a 100-percent guarantee of
success," the chancellor said.
Opposition criticism
Despite pledging its support for the bailout, the opposition
Social Democrats criticized how Chancellor Merkel's government has dealt with
Europe's sovereign debt crisis. Former Finance Minister Peer Steinbrück accused
Merkel's government of dragging its feet.
"Nearly two years after the first Greek aid package in
May 2010, we are back to square one regarding Greece, regarding the contagion
to the eurozone and regarding Germany," Steinbrück said.
pfd/ncy (Reuters, AFP) dw.de
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