Germany's Bundestag approves new Greek bailout with large majority

According to Reuters there was, however, a sizeable rebellion in Chancellor Angela Merkel's CDU/CSU party ranks

Germany’s lower house of parliament, the Bundestag, on Wednesday, as expected, approved the third bailout program for Greece with a large majority. Overall, there were 454 ‘yes’ votes, 113 ‘no’ votes and 18 abstentions. According to Reuters, there was a sizeable rebellion in Chancellor Angela Merkel's CDU/CSU party ranks, however. Given that the junior coalition partner, the SPD, and parts of the opposition voted for the bill, the defections from Merkel’s conservatives did not matter.

“After the experience of the last years and months there is no guarantee that everything will work and it is permissible to have doubts,” Finance Minister Wolfgang Schaeuble said in the debate ahead of the vote. “But in view of the fact that the Greek parliament has already passed a large part of the measures it would be irresponsible to not use the opportunity for a new start in Greece.”

In the view of the cep it will be crucial that Greece really implements the agreed structural reforms. Only if the country can regain its competitiveness will it be able to stand on its own feet again in the medium-term.