German Parliament approves Greek debt deal

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Associated Press

Posted on November 30, 2012 at 5:04 AM

Updated Friday, Nov 30 at 6:33 AM

BERLIN (AP) — The German Parliament has given its overwhelming backing to a deal aimed at trimming Greece's debt load and keeping the country financially afloat.

Lawmakers voted 473-100 on Friday to back the complex deal reached by European finance ministers earlier this week. There were 11 abstentions.

The agreement paves the way for Greece to receive €44 billion ($57 billion) in critical rescue loans, without which the country would face bankruptcy and a possible exit from the euro.

It also contains measures including a debt buyback program and an interest rate cut on loans. Those are aimed at cutting back Greece's debts and giving it more time to push through economic reforms and trim its budget deficit.

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