World
German Parliament Approves Greek Debt Deal
Topic: Financial crisis in Greece
German Chancellor Angela Merkel (C) talks with German Defence Minister Thomas de Maiziere (L) and German Foreign Minister Guido Westerwelle (R) during a session at the Bundestag on November 30, 2012 in Berlin.
© AFP 2013/ JOHANNES EISELERelated News
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MOSCOW, November 30 (RIA Novosti) – The German Bundestag approved on Friday the latest rescue package for Greece amid growing fears over that country's eurozone future.
The measure passed with 473 votes in favor, 100 against and 11 abstentions.
Earlier this week, eurozone finance ministers and the IMF patched up their differences over the long-delayed bailout aid to debt-laden Greece, agreeing to unlock loan tranches totaling 43.7 billion euros ($56.4 billion).
The deal will help Greece reduce its state debt from about 190 percent of GDP in 2014 to 124 percent of GDP by 2020.
"Without our support, it would not only be the future of Greece at stake, but also the future of the eurozone as a whole," German Finance Minister Wolfgang Schaeuble said.
"Greece will only receive all this relief if it continues to implement its reform measures, one after another," Schaeuble said.
The new measures might cost Germany, Europe’s largest economy, up to 730 million ($950 million) next year, analysts say.
Greece has been receiving bailout loans since May 2010 and has so far received nearly 149 billion euros ($191 billion) of funds from Europe and the IMF, out of 240 billion euro promised in two bailout loans.
Greece has had to implement severe deficit reduction measures in order to comply with international lenders' requirements for the bailout loans, such as steep reductions in state sector employment, social welfare cuts and privatization. This has caused a wave of social discontent, triggering mass riots and general strikes.
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- stpetersburgPerestroika of 4 Euro States debt03:54, 01/12/2012From 1990 Germany provided the funding for reunification of their Country , and also many Eastern Europe Countries to come into the EU and do contribute the most to the EC Budget
A Country that has the resources to have had as good a track record as that it should not be that difficult to restructure 600 billion of the debt they lent to ROI, Portugal, Spain , and Greece over 20 years with intrest that would reduce these weaker Economies debts to 60% of GDP and advantages for the Creditor nations earning intrest and reduce the Debt that would end unpopular austerity control