German parliament approves Greece aid package

29 Jun 2018 01:47 PM

The German parliament on Tuesday approved a package of financial aid to Greece designed to ensure that Greece can stand on its feet after stepping out of the third rescue program in August.

Parliament voted overwhelmingly to approve the package, which includes extended maturities and deferred interest payments on several loans, plus 15 billion euros in cash.

National parliaments in the euro-zone countries must agree on the deal approved by eurozone finance ministers last week.

Greece has been living on money borrowed from euro zone governments in three bailouts since 2010 when it lost access to markets because of ballooning budget deficits, public debt, economic inefficiency and the welfare system.

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