German parliament passes Greek bailout package

7 May 2010

Germany's lower parliament has voted through plans for the country to contribute €22.4 billion ($28.5 billion) to the bailout of Greece.

Despite widespread public and media opposition to the size of Germany's loan, the bill was passed by a large majority, with 390 votes in favour and 72 against.

There were 139 abstentions, reports BBC News.

The plans will now be passed to the upper house for that section of parliament to vote on the proposals.

If the legislation is approved, the funding pledge will be signed into law.

France has agreed to provide up to €16.8 billion, while Italy is to initially put forward €5.6 billion of its promised total of €14.8 billion.

Last week, Dominique Strauss-Kahn, head of the International Monetary Fund, said that the crisis in Greece has to be solved.

"If we don't fix it in Greece, it may have a lot of consequences on the European Union," he stated.

By Asim Shah

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