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German Parliament approves Greek debt deal

By The Associated Press

This article was published November 30, 2012 at 7:11 a.m.

— German lawmakers overwhelmingly backed a deal aimed at trimming Greece’s debt load and keeping the country financially afloat, but the country’s finance minister insisted it would be irresponsible to raise hopes of more radical debt forgiveness soon.

Parliament voted 473-100 Friday to back the complex deal reached by European finance ministers Tuesday after a marathon of negotiations. There were 11 abstentions.

The agreement paves the way for Greece to receive $57 billion in 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 changes and trim its budget deficit.

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