Impassioned Merkel Wins Approval of 130 Billion-Euro Greek Bailout Package


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German Chancellor Angela Merkel won a parliamentary vote on a Greek debt package after she warned lawmakers that failure to act would result in catastrophic economic repercussions.

In an address she made before the vote, Merkel told Germany's parliament that pushing Greece from the euro would spur "incalculable" damage. The chancellor's decision to aggressively pursue another aid package for the Southern European nation came in the face of staunch opposition from Germans, who have vehemently opposed the bailout of fellow euro zone members.

In total, 496 members of Germany's lower house of Parliament supported the $130 billion-euro aid package. Merkel conceded that critics of Greece were warranted in their contempt for its massive bailout fund, but she warned that its economy is fundamentally tied to that of Germany's and other euro zone members.

"I think those risks are incalculable, and therefore indefensible," she told lawmakers before the vote.

The approval of additional financing will help stave off a Greek default and, as a result, would likely prevent the euro zone's sovereign- debt crisis from spreading to the stronger economies of France and Germany, economists said.

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This article appears in: News Headlines , Banking and Loans , Economy

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