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Germany's parliament backs new Greek bailout talks Germany's parliament backs new Greek bailout talks
(35 minutes later)
German politicians have given their go ahead for the eurozone to negotiate a third bailout for Greece, heeding a warning from Chancellor Angela Merkel that the alternative to a deal with Athens was chaos. German politicians have given their go-ahead for the eurozone to negotiate a third bailout for Greece, heeding a warning from the chancellor, Angela Merkel, that the alternative was chaos.
The Bundestag lower house of parliament, whose backing is essential for the talks to start, decisively approved the move by 439 votes to 119, with 40 abstentions. The Bundestag, the lower house of parliament, whose backing is essential for the talks to start, decisively approved the move by 439 votes to 119, with 40 abstentions.
Popular misgivings run deep in Germany, the eurozone country which has already contributed most to Greece’s two bailouts since 2010, about funnelling yet more aid to Athens. Popular misgivings run deep in Germany – the eurozone country which has contributed most to Greece’s two bailouts since 2010 – about funnelling yet more aid to Athens.
Related: Greek debt crisis: EU agrees €7bn loan as Germany backs new bailout talks - liveRelated: Greek debt crisis: EU agrees €7bn loan as Germany backs new bailout talks - live
Finance minister Wolfgang Schäuble has questioned whether a new programme will succeed, although the creditors’ offer to Athens includes the conditions for more austerity and economic reform that Berlin had demanded. The finance minister, Wolfgang Schäuble, has questioned whether a new programme will succeed, although the creditors’ offer to Athens includes the conditions for more austerity and economic reform that Berlin had demanded.
But Merkel argued for negotiating a new deal to prevent a Greek exit from the euro and said proposal for Athens to temporarily leave the euro were unworkable. But Merkel argued for negotiating a new deal to prevent a Greek exit from the euro and said proposals for Athens to temporarily leave the euro were unworkable.
“The alternative to this agreement would not be a ‘time-out’ from the euro … but rather predictable chaos,” she told the Bundestag. “We would be grossly negligent, and act irresponsibly, if we didn’t at least attempt this way.” “The alternative to this agreement would not be a ‘timeout’ from the euro … but rather predictable chaos,” she told MPs. “We would be grossly negligent, and act irresponsibly, if we didn’t at least attempt this way.”
Schäuble himself has suggested that Greece might be better off taking such a time-out from the eurozone to sort out its daunting economic problems. Schäuble himself has suggested Greece might be better off taking such a timeout to sort out its daunting economic problems.
But the chancellor said neither Greece nor the other 18 eurozone member countries were willing to accept the idea. “Therefore this way was not viable,” she added. But the chancellor said neither Greece nor the other 18 eurozone member countries were willing to accept the idea. “Therefore, this way was not viable,” she added.
She still thanked Schäuble - her most powerful ally - for his work in the long, gruelling talks which produced the new bailout plan last weekend. Politicians gave him resounding applause while Schäuble nodded and gave a wry smile. She still thanked Schäuble – her most powerful ally – for his work in the long, gruelling talks which produced the new bailout plan last weekend. Politicians gave him resounding applause while Schäuble nodded and gave a wry smile.
Despite his misgivings, Schäuble lined up with his boss. “I ask you all to vote for this request today. The government didn’t submit the request easily,” he told the Bundestag. “It’s a last attempt to fulfil this extraordinarily difficult task.“ Despite his misgivings, Schäuble lined up with his boss. “I ask you all to vote for this request today. The government didn’t submit the request easily,” he said. “It’s a last attempt to fulfil this extraordinarily difficult task.”
Merkel also won support from the Social Democrats, the junior coalition partner. “Every debate about a Grexit must now belong to the past,” said Social Democrat leader Sigmar Gabriel, who is also vice chancellor. Merkel also won support from the Social Democrats, the junior coalition partner. “Every debate about a Grexit must now belong to the past,” said Social Democrat leader Sigmar Gabriel, who is also vice-chancellor.
Fifty members of Angela Merkel’s CDU/CSU coalition defied their chancellor and voted against beginning talks – a bigger rebellion than in February, when 29 CDU/CSU MPs rejected giving Greece a four-month extension to its old bailout. Fifty members of Angela Merkel’s CDU/CSU coalition defied her and voted against beginning talks – a bigger rebellion than in February, when 29 CDU/CSU MPs rejected giving Greece a four-month extension to its old bailout.
The rebels voted alongside MPs from the leftwing Linke party – who had earlier savaged the bailout plan for its lack of concrete debt relief.The rebels voted alongside MPs from the leftwing Linke party – who had earlier savaged the bailout plan for its lack of concrete debt relief.
Related: Which countries still need to approve a Greek bailout – and how will they vote?
The Greek parliament’s decision on Wednesday night to support negotiating a fresh bailout paved the way for the Bundestag to recall all German MPs from their summer recess for Friday’s ballot.The Greek parliament’s decision on Wednesday night to support negotiating a fresh bailout paved the way for the Bundestag to recall all German MPs from their summer recess for Friday’s ballot.
The European Central Bank increased emergency funding to keep Greece’s banks from collapse on Thursday, and EU finance ministers also approved €7bn in bridge loans, allowing Greece to avoid defaulting on a bond payment to the ECB next Monday and clear its arrears with the IMF. The European Central Bank increased emergency funding to keep Greece’s banks from collapse on Thursday, and EU finance ministers also approved €7bn in bridging loans, allowing Greece to avoid defaulting on a bond payment to the ECB next Monday and clear its arrears with the IMF.
Before the Bundestag debate, Conservative lawmaker Mark Helfrich told Deutschlandfunk radio he would still vote no, adding: “This is about ruined trust.”Before the Bundestag debate, Conservative lawmaker Mark Helfrich told Deutschlandfunk radio he would still vote no, adding: “This is about ruined trust.”
Some members of the opposition Greens said they wanted Greece to stay in the euro but rejected austerity as a cure for its ills, leaving abstention as their only option. Some members of the opposition Green party said they wanted Greece to stay in the euro but rejected austerity as a cure for its ills, leaving abstention as their only option.
“Another bloodletting won’t make Greece more healthy again,” said politician Katrin Goering-Eckhardt, backing IMF calls for Greece’s debt burden to be eased. “Another bloodletting won’t make Greece more healthy again,” said the Greens’ Katrin Göring-Eckardt, backing IMF calls for Greece’s debt burden to be eased. That fell on deaf ears with Merkel and Schäuble, who said European law did not permit a “haircut” writing off part of the debt.
That fell on deaf ears with Merkel and Schäuble, who said European law did not permit a “haircut” writing off part of the debt. German conservatives have accused the Greek prime minister, Alexis Tsipras, of blackmail for saying other weaker eurozone countries would slide into crisis if Greece were forced out of the euro.
German conservatives have accused Alexis Tsipras of blackmail for saying other weaker eurozone countries would slide into crisis if Greece were forced out of the euro. But Gregor Gysi, of the Left party – Syriza’s ideological counterpart in Germany – turned the tables. “You’re not being blackmailed – you’re the blackmailers yourselves,” he said. “Mr Schäuble, I’m sorry but you’re in the process of destroying the European idea.”
But Gregor Gysi of the Left party, Syriza’s ideological counterpart in Germany, turned the tables.
“You’re not being blackmailed – you’re the blackmailers yourselves” said Gysi. “Mr Schäuble, I’m sorry but you’re in the process of destroying the European idea.”