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German MPs Debate Bailout Over Greece Dept Crisis

Channels Television  
Updated July 17, 2015

greece-bailoutGerman MPs have started debating a motion on whether to allow negotiations on Greece’s €86bn (£60bn) bailout deal.

Germany is one of several Eurozone states that must Approve the bailout before the rescue deal can go Ahead.

Opening the debate, Chancellor Angela Merkel warned of “predictable chaos” if deputies did not back the plan.

The deal is expected to be passed despite opposition from the left and some members of her conservative party.

Greek MPs have already voted in favour of hard-hitting austerity measures required for a third bailout deal.

On Thursday, the European Central Bank (ECB) raised the level of emergency funding available. This has paved the way for Greek banks, which shut nearly three weeks ago, to reopen on Monday.

But credit controls limiting cash withdrawals to €60 a day would only be eased gradually.

Eurozone ministers have also agreed a €7bn bridging loan from an EU-wide fund to keep finances afloat.

Chancellor Merkel told MPs ahead of Friday’s vote that the deal was hard for all sides, but said it was the “last” attempt to resolve the crisis.

“We would be grossly negligent, indeed acting irresponsibly if we did not at least try this path,” she said.

A number of Eurozone countries require parliamentary approval to go ahead with bailout talks, including Austria, which is also voting on Friday. Both the French and Finnish parliaments have already backed the deal.

Meanwhile, there have been fresh calls for Greek debt relief measures from International Monetary Fund (IMF) chief Christine Lagarde, echoing a call from Greek PM, Alexis Tsipras.