Friday, May 7, 2010

German parliament gives thumbs up to Greece aid package

German Parliament approved an aid package worth 22.4 billion euros (28.4 billion U.S. dollars) for the euro area partner Greece. Funds to be disbursed over the next three years as part of an EU financial aid to Athens.

The Christian Democrat-Free Democrat coalition government has won support from the Green Party, while the Social Democrats (SPD) abstained.

Chancellor Angela Merkel held the vote as an important step for stabilizing the euro and reiterated the importance of "demanding austerity program" in Greece to be effective. She regretted that the SPD did not vote for measures.

"I find it regrettable that in such a serious political situation the Social Democrats, unlike the Greens, have not been able to make to say yes," said Merkel.

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