Greece crisis: German cabinet backs bail-out package

Germany’s cabinet has approved its contribution to the eurozone and IMF bail-out of Greece.

“The reason for this law is a last resort – an emergency situation – in that Greece in effect no longer had access to the financial markets, and there was an impact on the stability of the euro.”—Chancellor Angela Merkel

The German parliament is set to pass the legislation later this week to allow its loan – worth 22.4bn euros (£19.4bn; $29.6bn) over three years – to be paid.

There has been significant public opposition in Germany to assisting the debt-ridden Greek economy.

Markets gave the bail-out deal, agreed over the weekend, a muted response.

BBC News

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