The German Bundestag has approved the extension of the second assistance programme for Greece. A total of 542 votes were recorded in favour of the motion, 32 against and 13 abstentions. Greece now has four months longer to bring the programme to a successful conclusion.
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Before the vote, Federal Finance Minister Wolfgang Schäuble explained why the German government had introduced the motion to extend the programme. He pointed out that it is not a question of additional payments of billions of euros and that no changes had been made to the assistance programme. It is only a matter of giving Greece more time to complete the programme successfully.
In a telephone conference on Tuesday afternoon the Eurogroup finance ministers gave the go-ahead for an extension of the Greek aid programme, after Athens had submitted a list of proposed reforms.
Greece has undertaken vis à vis the Eurogroup not to take any unilateral measures, but to honour its commitments, Wolfgang Schäuble continued. The German Bundestag must approve any change to the programme.
Wolfgang Schäuble reminded parliamentarians that the bailout programme for Greece had been necessary because in 2009 the financial markets lost all confidence in the country, which could then no longer borrow.
"Germany’s future can only be rosy if Europe stands together," said the Minister, and urged the German Bundestag to support the motion. In conclusion he put the rhetorical question, what sort of state Europe’s economy would be in without the euro.
The extension of the assistance programme also has to be approved by the parliaments of several other EU states. The Greek parliament must then also approve the deal.
Greece’s debts to EU partner states and institutions total about 220 billion euros.